Fundtech Ltd, a provider of payments, cash management and settlement software and services, has introduced Global PAYplus – OmniPAY, a payments hub that enables banks to process mixed payments files received from their corporate clients while using their existing payments infrastructure.
OmniPAY seeks to improve the efficiency of payments processing across the financial supply chain. Today, 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. However, corporations today are demanding a 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.
Rather than replace existing systems, OmniPAY works with bank’s existing payments infrastructure acting as a front-end system, transforming payment messages and routing them to the bank’s existing payment processing systems and network connections.
OmniPAY is a new feature of Fundtech’s Global PAYplus payments platform. Fundtech’s uControl rules-based architecture enables Global PAYplus to 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 their ability to offer corporations a better and far simpler way of doing business.”