Bank of America Merrill Lynch’s Payment Services Hub, powered by Fundtech’s Global PAYplus- Services Platform, cited for excellence and innovation in banking technology
Fundtech’s Global PAYplus® - SP implementation at Bank of America Merrill Lynch has been recognised with a Model Bank award from Celent, the financial services research and consulting firm, for the development and deployment of the bank’s global payment services hub.
The annual award recognises innovation and results that an esteemed system provides to a bank and its customers. BofA Merrill’s use of Fundtech’s Global PAYplus® - SP was selected for the award, particularly for the flexibility and depth of its rules engine. Celent’s case study report* on the award winners mentions the following:
• “[Fundtech has] radically enhanced the global payments process for BofA Merrill.
o Development work has been reduced 40-70% in most cases
o 100% of online transactions are verified by straight-through processing (STP)
• The platform’s most impressive offerings are in the utilisation of SOA (Services Oriented Architecture), enhancing operations through reusability of services and Fundtech’s rules engine which allows for the development of unique services by a simple rule alteration.
• [Global PAYplus’] extensive flexibility empowers the bank to launch new products with ease and allows more rapid global development of features.”
According to Bob Meara, Senior Analyst at Celent: “The Model Bank Awards recognise how banks are making effective use of technology today and provide inspiration to banks contemplating how to improve their own business process and technology strategies. BofA Merrill and Fundtech teamed to create a fine example of how technology innovation can make significant improvements across the enterprise – from simplifying the end-user experience to vastly reducing operational costs by streamlining systems development.”
According to Michael Sgroe, President & COO of Fundtech: “We are delighted that Celent has recognised our collaboration with BofA Merrill in developing the industry’s leading Payment Services Hub. Our commitment to ongoing innovation that delivers both enhanced user-experience as well as operational excellence is the cornerstone of Fundtech’s mission.”