St. George Bank (AU) opts for Clear2Pay’s Open Payment Framework

Brussels and Sydney - 2 April 2008

Clear2Pay, the international technology provider of next generation payment solutions for financial institutions announces they have entered into a contract to implement their Open Payment Framework (OPF) technology at St. George Bank, Australia’s fifth largest retail bank. The Payment Execution Module is planned to be implemented in early 2009 and will replace the bank’s current Bi Lateral Exchange system that processes bulk payment file instructions between the bank’s systems, clients and other financial institutions.

The solution is based upon Clear2Pay’s Open Payment Framework (OPF), a next generation pa yment system that will give St. George a competitive advantage in delivering state-of-the-art, flexible payments products and services to its customers.

Paul Newham, Acting Group Executive Technology and Operations at St. George comments: “The time has come to rationalise our existing legacy systems and replace them with future proof technology that will offer greater efficiency and lower total cost of ownership. In evaluating the various options, we decided to work with Clear2Pay for a number of reasons. First of all their Service Oriented Architecture (SOA) based technology gives us the scalability, re-use and flexibility we look for. Secondly they are a proven vendor and their people have outstanding domain knowledge. St. George prides itself on customer service and we require our suppliers to work with us to deliver that superior service. Clear2Pay understands this and that makes the fit complete.”

Warren Gardiner, GM Australasia for Clear2Pay adds: “We are delighted to go through this SOA-based payment execution implementation in Australia with St. George Bank. In addition to all the benefits the replacement had to bring, they will be able to significantly increase their service levels with the enhanced functionality. The visibility and transparency of the process has been improved for end-users, there is much better management of returns and refusals with less manual intervention and notifications. Finally controls and reports have been made more user-friendly and efficient as well. We look forward to a long and mutually rewarding relationship with St. George.”

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