Major global transaction services bank opts for a payment services hub
Clear2Pay, the international technology provider of next generation payment solutions for financial institutions, clearing and settlement companies and corporates announces that Royal Bank of Scotland (RBS) has selected its Open Payment Framework (OPF) as the technology of choice to power its payments services hub for SEPA. This includes more than 18 international RBS branches and its chosen FI clients and partner banks.
OPF is the technology of choice to power RBS’s payment services hub supporting EMEA Transaction Services. RBS Groups' Payment Services Hub will support and service SEPA credit transfer and direct debit processing for all UK, Ireland and International Banking clients.
Kevin Brown, Global Head of Product Management at RBS states “Ultimately, we have chosen Clear2Pay based on the strength of their solution design & delivery ethic; their proven execution track record and quality of references across Financial Institutions (FI) and Clearing and Settlement Mechanism (CSM) users for SEPA processing, in addition to the international payments hub. Their solution suite, coupled with their clear global development agenda, ensures RBS's agility and cost-effectiveness in ensuring enhanced STP for our clients; meeting regulatory and new market requirements, including real time clearing solutions and mobile banking & payments.”
Michel Akkermans, Chairman & Chief Executive Officer at Clear2Pay adds: “We are tremendously honored that RBS, as one of the largest global transaction services providers, has selected us as a strategic partner to deploy our OPF, pre-fitted with e2e SEPA processing, reporting & analytics. With the SEPA end date nearing at a rapid pace, we expect more banks to embrace industry standard solutions to ensure both a rapid deployment as well as control over the payments services proposition, which sits at the heart of the customer relationship.”
The strategic partnership between Clear2Pay and RBS is a key stepping stone towards the development of future architecture and global payment hub capabilities beyond SEPA.