The solution will enable Eurobank, the second largest bank in Greece in terms of market capitalization, to consolidate payment systems, enhance payment automation, and increase payment volumes while reducing costs.
The solution will serve as Eurobank's central payment processing utility for both domestic and international payments. PAYplus connects Eurobank's back office systems, various payment initiating departments, and over 400 of its branches to Greece's national payment systems, DIAS and Hermes, as well as to the SWIFT, EBA, ERP and TARGET international payment mechanisms.
"As we are the leading providers of payment services in Greece, our payment system is central to maintaining our growth and market position," said Lia Petralia, Senior Manager, Payment Services, EFG Eurobank Ergasias S.A. "We are excited to have launched Fundtech's PAYplus solution and are confident that it is the best solution to meet our business needs."
EFG Eurobank Ergasisas S.A. employs Fundtech's PAYplus payment solution to initiate outgoing payments from its branches. Each branch of the bank will benefit from an enhanced user interface that allows them to customize their workflow and initiate payments via the Web.
"Today, banks must increase automation and achieve greater straight-through-processing (STP) rates in order to grow business and attract customers," said Joseph Mazzetti, EVP, President of Global Products and Operations, Fundtech. "We are pleased to be able provide a global bank such as EFG Eurobank Ergasisas with a leading, integrated multi-currency payment system to achieve these goals."
PAYplus is an integrated cross border and domestic funds transfer solution that that supports payment processing, risk management and regulatory compliance for clearing systems in countries that have established a Real Time Gross Settlement (RTGS) payment network. In addition to standard payment processing activities, PAYplus enables users to manage their financial institution's settlement account at the central bank by providing continuously updated account status and end-of-day forecasted balance. PAYplus expedites daily settlement activities by automating the reconciliation of transactions performed
by customers of the financial institution directly with the central bank. Finally, PAYplus provides the information and the means for operations staff to manage non-sufficient-funds, operational risk, settlement and credit risk.