Fundtech releases OmniPay payments hub system
07 October 2004 | 729 views | 0
Fundtech Ltd. (NASDAQ: FNDT), a leading provider of payments, cash management and settlement software and services, today announced the introduction of Global PAYplus - OmniPAY, an intelligent centralized payments hub. This new service enables banks to process mixed payments files received from their corporate clients while using their existing payments infrastructure.
OmniPAY is a new feature of Fundtech's Global PAYplus payments platform. Banks using OmniPAY will be able to offer their clients greater levels of automation and convenience by eliminating their existing "siloed" approach to payments processing. As a result of offering these new value-added services, banks will be able to expand their service fee revenue.
OmniPAY addresses key issues related to improving the efficiency of payments processing across the financial supply chain. Most banks have a "siloed" approach to payments processing, constraining their corporate clients by requiring them to transmit batches of similar payment types (high and low value, domestic and foreign) each uniquely formatted for a specific payments network. Corporations today are demanding that their banks provide more flexible end-to-end processing in order to reduce complexity and operating costs. With OmniPAY, corporations will be able to send to their banks a mixed payments file, greatly simplifying the process of sending payments and increasing their level of STP automation.
Banks have advocated a single payments hub for some time, but the need to replace existing systems translates into large costs and significant operating risk. OmniPAY works with bank's existing payments infrastructure acting as a front-end system, intelligently transforming payment messages and routing them to the bank's existing payment processing systems and network connections.
Fundtech's rules-based architecture enables Global PAYplus to intelligently transform payment messages into the appropriate format for each payments network and apply client-specific processing rules such as pricing and liquidity considerations.
Mike Sgroe, Fundtech President and COO said: "OmniPAY brings a new level of service and efficiency to banks and their corporate clients. We see a strong demand for this capability in the market and we believe that banks using OmniPAY will benefit through being able to offer corporations a better and far simpler way of doing business."