Banks must modernise payments processes to stay relevant
The demand for real-time payments is slowly, but surely, rising, with Singapore banks selecting Fundtech’s Global PAYplus solution to streamline their workflows, while ensuring adaptability to future changes. September 10, 2012 | Magessan RajGlobal transaction banking solutions provider Fundtech recently announced that it is working on Singapore Immediate Payments implementations with six banks in Singapore, with the banks having chosen Fundtech’s Global PAYplus solution for their respective Immediate Payments G3 systems. Fundtech said that four out of the six banks will use Global PAYplus – Services Platform (GPP-SP), a service-oriented architecture (SOA) payments services hub that is able to deliver nearly 100% straight through processing automation, for their Immediate Payments G3 deployment. GPP-SP’s rules-based design aims at providing banks with the flexibility to streamline G3-specific real-time configurable workflows, as well as be able to adapt to future changes to the G3 payments scheme. “We understand the needs of the marketplace, and can deliver products that are tested by the world’s largest banks. We are delighted with the selection of our product to support Immediate Payments G3 by six of the leading banks in the region,” said Gil Gadot, president of Fundtech for the Asia Pacific region. Singapore’s move to Immediate Payments G3 points to a recent, global trend in payments innovation that strives to offer consumers and businesses near real-time low-value payments – transfers that can be completed within seconds – that are often less expensive when compared to other similar services. UK Faster Payments, introduced in 2008, is another prime example of one such payment scheme. These new schemes support new payment channels such as peer-to-peer payments, and have the ability to reduce settlement risk. Indeed, banks all over the world are being encouraged to modernise their payments structure. The Reserve Bank of Australia, for example, has stressed on the importance for Australian banks to innovate, highlighting calls for the centralisation of the Australian payments architecture in order to implement a real-time payments system in a Please login to read the complete article. If you already have an account, you can login now or subscribe/register. Categories: Innovation, Payments, Technology & Operations, Transaction BankingInnovation,Payments,technology,Transaction Banking, Innovation,Payments,Technology & Operations,Transaction Banking, Keywords:Fundtech, Global PAYplus, Immediate Payments G3, GPP-SP, Gil Gadot, Gene Neyer, UK Faster Payments, RBA, BGC, PRT Fundtech, Global PAYplus, Immediate Payments G3, GPP-SP, Gil Gadot, Gene Neyer, UK Faster Payments, RBA, BGC, PRT
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