Clear2Pay, the international technology provider of next generation payment solutions for financial institutions has announced an agreement with BNP Paribas China for the CNAPS Core Payment System (CCPS) project.
The CCPS projects will connect the payment operation of BNPP China to the China Advanced Payment System, the so-called CNAPS infrastructure for both high value payments and bulk payments processing, which will ensure that BNP Paribas China is fully integrated and connected with the local Chinese banking system.
"This solution will give us the ability to have full Straight-Through-Processing for all local currency transactions, thus providing us with a foundation to offer our customers a broader range of services. This will enable us to expand our business in China, says Charles Chen, Head of Cash Management at BNP Paribas (China). The system will be used by all BNPP China entities with a launch in the Shanghai and Beijing branches.
"China is going through a series of payment reforms, a move away from a wide range of national schemes into fewer more centralised clearing systems", states Michel Akkermans, Chairman and CEO of Clear2Pay. "Foreign banks operating in China need to be able to connect to local payment infrastructures such as CNAPS, whilst at the same time being able to reconcile with their own internal systems. We are delighted that a top rated bank like BNP Paribas turned to Clear2Pay to facilitate their payments processing in China."
The Clear2Pay China office is home to over 40 staff with a sales team headed up by Chan Mun Kiat and Frank Wu.