30 September 2014

Clear2Pay builds out payment tech with SIC4 and Target2/Euro1 MX compliance

10 June 2014  |  732 views  |  0 Source: Clear2Pay

Today, at the opening of EBADay 2014, Clear2Pay, the international technology provider of next generation payment solutions for financial institutions announces that it has enhanced its solutions portfolio for the Open Payment Framework in accordance with full support for the ISO 20022 standards that are increasingly being embraced on a global scale.

In line with customer demand, Clear2Pay launches a SIC4 solution connecting banks operating in Switzerland to the Swiss RTGS system. At the same time Clear2Pay's Open Payment Framework enables current and future customers to migrate to modern XML-based payment messaging for EURO1 and TARGET2 within the Eurozone.

SIC4 - 4th generation Swiss Clearing

Designed for banks connecting to the Swiss RTGS system, the SIC enabled Domestic Payments module offers full support for SIC4 electronic transaction processing. Clear2Pay's OPF SIC solution provides comprehensive cover for all SIC4 requirements in an easily deployed solution, enabling regulatory compliance ahead of target deadline in a cost efficient manner.
TARGET2/EURO1 MX migration for EURO high value payments

Built on Clear2Pay's Open Payment Framework (OPF), the Euro High-Value solution enables compliance with new XML message formats by providing the most flexible standards based solution on the market today. The solution also supports banks to more easily and readily meet the continued changes in the new message formats as and when they occur. In response to the big-bang approach of this migration, the OPF Euro High-Value solution offers necessary flexibility, allowing banks to migrate at their own pace. It can be implemented as a translation service only in a first phase, mitigating the risk by only changing the messaging formats and leave the processing of these payments as is in the existing High Value Payments platform running at the bank.

Jan Bakker, General Manager Open Payment Solutions at Clear2Pay states: "As a leading payments technology provider with a heritage in payments modernisation, we embrace technology standards and ISO20022 in particular, as part of our DNA. The change in message format offers banks and payments service providers a unique opportunity to create value added services for their clients over and beyond simple compliance. This is true for the migration to the new message formats for Target2 and EURO1, but equally for a secure, reliable and top performing clearing house such as SIX." 

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