Leading payment systems technology specialist Barron McCann has today outlined its vision for the future of the financial payments industry with the unveiling of its brand new real-time payments processing solution, PayGate.
The first genuine new technology payments system to appear on the market for many years, PayGate stakes a claim as the most modern, comprehensive, flexible and efficient payments solution available on the market today. Designed to appeal to a range of users - from small business financial controllers to corporate treasury departments and financial institutions, PayGate will offer large-scale payment factory capabilities and performance, but at prices up to significantly lower than traditional solutions bringing institution level capability and high performance within reach of many more finance departments.
Barron McCanns PayGate has been designed from the ground up to support a variety of both existing and emerging submission infrastructures, transaction types and payment instruments. PayGate can enable payments for SWIFT and Faster Payments, together with a range of BACS Credit, BACS Debit and credit card payment systems as well as being ready to accommodate emerging payment networks.
We feel that PayGate is the payment system that any organisation making and receiving electronic payments has been waiting for, said Barron McCann Managing Director, Peter Alderson. As the market moves towards the incorporation of a significantly wider range of payment types into everyday business, the need for a single, intelligent payment solution which can access a variety of different payment schemes while allowing treasurers to keep a close, real-time eye on their financial position is becoming greater than ever. Needless to say, the business benefits to an organisations treasury function for a single payment gateway to replace a myriad of individual payment schemes will be significant, he added.
Ovums Principal Analyst for Financial Services Technology Alex Kwiatkowski commented, PayGate is well-positioned to help organizations achieve greater degrees of efficiency when both making and receiving electronic payments, and the aggregation of gation of these gains will unquestionably be substantial. PayGates format-independent capabilities provides business flexibility and all-important future-proofing, both of which are demanded in 2010.
Designed to integrate and operate within an organisations existing IT infrastructure, PayGate is format-independent, so can accept data of multiple input and collection formats in bulk or otherwise. PayGate will then convert the data into the correct format for that payment scheme, whether SEPA, Faster Payments, SWIFT or others. Any - as yet unspecified - future payment standards can simply be added to PayGate once ratified, meaning that PayGates capabilities will ensure customers obtain the most benefit from the available payment execution services.
PayGates workflow engine allows users to incorporate their own preferred financial processes and Business Rules into the system. The business rule facilities allow users to establish their own range of corporate action procedures relating to payment terms and values, via a series of decision-based processes. PayGates API (application programmers interface) allows organisations to seamlessly integrate PayGate with their own preferred web tools, ERP system, CRM, and P2P custom financial applications.
Currently, the payment solutions marketplace is characterised by a variety of long-established offerings, none of which have been specifically designed to cater for both contemporary and future payment technologies, added Barron McCann Payments Business Manager, John Doyle. PayGate represents a new breed of payment solution which reflects the needs of organisations today, while incorporating a series of state-of-the-art technologies which will anticipate their needs for tomorrow as well.