Sibs Processos, part of Portuguese interbank processor Sibs Group, will be implementing Clear2Pay's Open Payment Framework as the core technology for its payment hub project that will offer outsourced payment processing services to banks.
The objective of the project is to offer 'full outsourcing', and as such it will replace payment applications in the participating banks, integrating the central Sibs payment hub with a wide range of applications at the bank. In order to deliver this service Sibs Processos has agreed to purchase the Open Payment Framework including the Domestic & International Payments, Sepa Direct Debit and Sepa Credit Transfer modules.
Sibs Processos is the business process outsourcing arm of Sibs, which operates Portugal's national clearing infrastructure for cheques and low-value electronic transactions.
João Luis Baptista, member of the board of Sibs says: "We have a solid track record in providing outsourced services through the management and operation of the Portuguese ACH and our POS and ATM networks, as well as other back-office operations outsourcing. We feel that this is the right time to start offering full payments processing. Our payment hub project will offer the service from one central location to all connected banks."