Clear2Pay Launches ‘Faster Payments for the UK’ Solution

Clear2Pay’s Open Payments Framework delivers common services comprising of an extensive data model, security, audit, routing, validation and warehousing functionality, choreographed payment business-processes and more. The defined solution for UK Faster Payments can be implemented as a unique product or in conjunction with other products such as Bank Payment Hub, Remittance, etc. Clear2Pay’s UK Faster Payments solution handles the entire life cycle from both outgoing and incoming payments, to instruction routing and the management of returns and refusals.

“The Faster Payments initiative is upon us before it even is fully specified”, Marc Terry, Managing Director EMEA of Clear2Pay comments. “Banks are being urged to take action now, but obviously this is a strategic issue which requires a long-term view with solutions that can be implemented in an evolutionary fashion, as of today. Realignment is inevitable, but on the other hand the potential is enormous. The flexible and proactive OPF environment ensures that realistic and sustainable benefits can be secured for both banks and their clients.”

Mark Hartley, VP Strategy and Marketing adds: “As a global player, we do not see the UK Faster Payments initiative in isolation. It is all part of an industry-wide call for alignment, connectivity, transparency and programmes such as SEPA, merely underline that change has become the only constant factor. Managed migration to a new open environment is what clients around the globe demand, and in this case it means that Faster Payments, can for example, in time be augmented by SEPA clearing when the industry calls for that.”