Fundtech, a market leader in global transaction banking solutions announced it is working on Singapore Immediate Payments implementations with six of the region’s leading financial institutions and four of the six banks will use Fundtech’s Global PAYplus® (GPP-SP) for their implementation.
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 is a leading provider of financial technology to banks and corporations of all sizes in the Americas, EMEA, and Asia-Pacific. 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.