Bank of America Merrill Lynch has selected Fundtech’s new Global PAYplus-Services Platform (Global PAYplus-SP) as the foundation for its next-generation on-line treasury management banking platform. It has been reported that the next generation payments platform is developed using Service Oriented Architecture (SOA). The bank expects the new system to provide its clients with new levels of convenience and control in cash management.
Reportedly, Bank of America Merrill Lynch is using the new Global PAYplus-SP solution to develop a hub that will enable a new online payments experience. The hub is expected to support consistent processing for all payments regardless of channel. It is also expected to provide faster payment processing at a lower cost, enhance flexibility and improve response time to new opportunities, as well as allowing other advanced functions.
Michael Sgroe, president and COO of Fundtech, said: “The introduction of Global PAYplus-SP offers banks the most comprehensive approach to implementing SOA across their transaction banking enterprise. It is a single platform that allows financial institutions to consolidate processing for all payment types; reduce costs by eliminating the waste and duplication of multiple payment silos; and offers consistent service regardless of the payment type anywhere on the globe. We are delighted to support Bank of America Merrill Lynch’s goal of developing the industry’s most advanced payments platform.”
Oracle and IBM had supported Fundtech’s successful bid with Bank of America Merrill Lynch. Andrea Klein, vice president, Global Financial Services – Banking from Oracle said: “To meet the challenges of a fast-changing competitive environment, the transaction banking industry will benefit from the new capabilities of a SOA-based system. Oracle and Fundtech have worked closely over the past several years as they developed their new Global PAYplus-SP. We believe that it fulfills the promise of SOA, with independent services that enable banks to have a new level of responsiveness and agility.”
