Co-op migrates to Fundtech e-payments platform

Co-op migrates to Fundtech e-payments platform

The Co-operative Bank is to use from New Jersey-based Fundtech to deliver next-generation e-banking and e-commerce services to its corporate customers in the United Kingdom.

The Co-op currently uses FundTech's wholesale banking payment platform to offer standard cash management features such as wire transfer and balance reporting. The migration to will deliver browser-based functionality at the corporate desktop. The package also incorporates a new module allowing the bank's corporate users to initiate and track the status of e-commerce payments.

The Co-op, in association with other UK banks, is creating a new business-to business trading environment on the Internet to provide for secure communications and the identity verification of trading parties while incorporating existing and new payment types, such as future-dated or guaranteed payments up to 90 days in advance.

The adoption of will additionally enable the bank to support Edifact, the international electronic data interchange standard for payments, the company claims.

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