Fundtech, a provider of banking solutions, is working on Singapore Immediate Payments implementations with six financial institutions in the region (view press release). Four of the six banks have selected Fundtech’s Global PAYplus - Services Platform (GPP-SP) for their Immediate Payments G3 system. The platform is an advanced SOA (Service Oriented Architecture) Payments Services Hub which can deliver Straight Through Processing automation. It is designed to provide banks with the flexibility to streamline G3-specific real-time configurable workflows and adapt to future changes to the G3 payments scheme.
Singapore’s move to Immediate Payments follows a global trend in payments innovation that offers consumers and businesses near real-time low-value payments that can be less expensive than similar services. These new services support new payment channels such as peer-to-peer payments, while they also have the ability to reduce settlement risk.