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Co-op taps Clear2Pay for payments overhaul

20 October 2010  |  10459 views  |  0 handshake

Co-operative Financial Services has selected technology from Clear2Pay as the basis for a revamped, single unified payments hub.

The Co-op is de-coupling its core banking platform from the various payment schemes to which it connects through a core hub.

It will use Clear2Pay's Open Payment Framework to provide a clear separation between channels and the core banking systems. The technology will allow a variety of channels to deliver payment instructions in any type and format and for the core banking system to receive and manage those in a single ISO 20022 format.

Simon Cox, head, business systems strategy, Co-operative Financial Services, says: "For the Co-operative Bank being customer centric means, directing every investment and effort towards the benefit of the customer. Clear2Pay's Open Payment Framework enables us to tackle this from IT up into the business side; having an agile, fast and cost effective platform means delivering a much better and richer service and experience to our customers."

Mark Hartley, MD, UK and Nordics, Clear2Pay, adds: "The Co-operative Bank's requirement is a unique fit with our vision and mission of delivering a Payments Services Hub processing all payment types including ATM and POS with BACS, UK Faster Payments, and cheques."

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