17 August 2017
Find out more

Fundtech releases OmniPay payments hub system

07 October 2004  |  713 views  |  0 Source: Fundtech

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."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.dorsum.euvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10036 views comments | 8 tweets | 16 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
10017 views comments | 13 tweets | 11 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8342 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7787 views 0 | 1 tweets | 9 linkedin
PayPal buys Swift Financial to boost working capital bizPayPal buys Swift Financial to boost worki...
7731 views comments | 13 tweets | 7 linkedin