Six of the region’s major banks will use Global PAYplus for Immediate Payments G3 Processing
Fundtech, a market leader in global transaction banking solutions, today announced it is working on Singapore Immediate Payments implementations with six of the region’s leading financial institutions. These banks have selected Fundtech’s Global PAYplus® for their Immediate Payments G3 system.
Four of the six banks will use Global PAYplus - Services Platform (GPP-SP) for their Immediate Payments G3 deployment. GPP-SP is an advanced SOA (Service Oriented Architecture) Payments Services Hub that is able to deliver nearly 100 percent STP (Straight Through Processing) automation. Its rules-based design provides banks with the flexibility to streamline G3-specific real-time configurable workflows, and adapt to future changes to the G3 payments scheme.
Singapore’s move to Immediate Payments follows a global trend in payments innovation that offers consumers and businesses near real-time low-value payments (transfers completed within 15 seconds) that are frequently less expensive than other similar services. These new services support new payment channels such as peer-to-peer payments, and have the ability to reduce settlement risk. UK Faster Payments, introduced in 2008, is an early example of this trend.
Fundtech has vast experience in fostering the development of payments innovation around the world. Its award-winning GPP has enabled Barclays to be the first bank to offer UK Faster Payments to its business customers. Fundtech is currently involved with new payment schemes being developed in Sweden and other countries around the world.
Through its regional headquarters in Singapore, Fundtech is actively working with partners to develop a rich Immediate Payments offering. The company previously announced a partnership with VocaLink and BCSIS.
According to Gil Gadot, President of Fundtech Asia-Pacific: “For many years we have invested in the development of Fundtech’s products and presence in Asia. With close to 500 employees in five regional offices, we understand the needs of the marketplace, and can deliver products that are tested by the world’s largest banks. We are delighted with the selection of our product to support Immediate Payments G3 by six of the leading banks in the region.”