Standard Bank of South Africa implements Clear2Pay’s Open Payment Framework (OPF)

16 September 2008

Today Clear2Pay, the international software vendor of next generation payment solutions for financial institutions announces that Standard Bank of South Africa (SBSA) has chosen Clear2Pay’s Open Payment Framework as part of their international and domestic online payments solution for corporate clients.

Standard Bank, one of the oldest and largest financial services groups in South Africa, has a long history of applying technological innovation to solve the diverse needs of clients from economies in various stages of development and has been working closely with Clear2Pay to develop a functionally rich solution capable of covering both national and international payments for the bank’s corporate client base.

The new solution will deliver common ‘middle office’ payment services to online client channels for the receipt and processing of client instructions. These services include validation, authorisation, risk assessment and exception handling related to the relevant payments and collections.

Dipak Patel, Standard Bank’s Global Head of Transactional Products and Services comments: “For us the combination of buy and adopt is crucial. We face a period of economic growth in South Africa with a need for regional integration. Acting and reacting at the right time with the right tools and services for our clients can only be done when supported by flexible and innovative technology.”

Patel continues: “We conducted an extensive search of the market and chose Clear2Pay for a number of reasons - the technology, the people and their approach to partnership. We do not see our relationship as a traditional vendor-client relationship. This partnership has ensured that the Open Payment Framework with the Bank Payment Hub solution is now a very flexible platform that can easily be extended to meet our future requirements.”

Michel Akkermans, CEO and Chairman of Clear2Pay adds: “We are obviously delighted with this deal with a leading, innovative international financial services player such as Standard Bank of South Africa. This partnership has seen both business and technical teams from SBSA spend significant time with their equivalents at our teams in workshops, ensuring the Standard Bank’s long term needs can be addressed by Clear2Pay and our Open Payment Framework. The responsiveness and configurable nature of our payment platform enables large banks to support diverse customer bases and the implementation at Standard Bank validates our strategic product direction.”

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