Misys plc (LSE:MSY.l), the global application software and services company, today announces that it has launched a clearing and settlement framework for its Misys Payment Manager solution.
The new framework is a software development kit (SDK) for financial institutions, specifically designed to reduce the time it takes to develop new interfaces to domestic payments systems, from typically twelve months down to three months.
It is often the case that banks have legacy payments engines in numerous countries supported by local partners. This spread makes it difficult for them to maintain and modernise their payment systems. Invariably they will have multiple vendor relationships, applications and increased risk, also management and client information is often distributed and disorganised. The real challenge for banks comes when they are looking to expand into new territories.
By moving into new territories, banks are presented with the challenge of integrating their existing solutions into new domestic markets. The challenge is such that it can take up to 12 months to complete. In response, Misys has developed the Clearing Framework for Misys Payment Manager. This software development kit significantly reduces the amount of time it takes to build an interface for domestic payments by at least 75%.
Barry Kislingbury, Global Solutions Manager at Misys comments: "Expanding into new markets is an important part of many banks' strategies and their current solutions are often too slow, bespoke, multi-vendored and expensive to maintain. Therefore being able to reduce the time to replace legacy systems or enter new domestic markets to only three months is an important development for banks. Misys Payment Manager will continue to support and simplify payment processes for banks throughout its entire lifecycle and this SDK is another example of our commitment to improving our product portfolio."
Misys Payment Manager, a Java EE thin-client payment services hub built on service-oriented architecture, provides a single, central location from which system updates can be rolled out once, rather than multiple times for each separate p processing system. Powered by Misys Message Manager and supported by the company's portal technology, (both SWIFTReady certified products) the solution extends the visibility and control of any payment through its complete lifecycle. It automates and standardises payment processes from capture all the way through to settlement, cutting out manual processes and significantly reducing the risk to the bank's reputation from failed payments whilst providing a platform for modernisation.