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.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more