Two of the 13 banks that went live with UK Faster Payments are using Fundtech’s Global PAYplus for Faster Payments.
The new payments scheme is a paradigm shift in the UK banking industry, offering virtually instantaneous transaction processing and reducing settlement time from days to seconds.
“We are delighted that our clients went live with their Faster Payments systems yesterday, after a period of rigorous testing. Given the industry’s need for payments convergence, Fundtech’s global PAYplus continues to demonstrate the value of a single payments hub that processes a wide variety of payment types,” says Joe Mazzetti, executive vice president of corporate development, Fundtech.
Fundtech was selected by two of the region’s leading banks to implement their Faster Payments systems. Fundtech’s technology was with IBM on their eServer pSeries, and demonstrated the ability to handle large volumes of transactions-per-second, well in excess of the service level requirements of the new initiative.