on Windows servers.
The bank had gained standard payment products, with these available, providing there were no regulatory issues, in all countries. Investment is made only once whereas before no one considered neighbouring requirements, said Majer, so there was a lot of duplication of effort. Payment specialists are all in one location and this was important, he pointed out, as Global PayPlus is quite a complex system requiring a fair amount of training. New products are made available to all countries at the same time and, particularly for some of the smaller countries, this has brought a significant improvement in services. This approach meant that generic requirements for SEPA would not be incurred by each country. SEPA was not a major driver at the start of the project because it was only starting to emerge. ‘For us, it is really the proof that the decision three years ago was the right one,’ said Majer. Unicredit is a major European bank so it needed to be SEPA-ready across all areas. Separate investment in each country for SEPA would have been ‘a big lump sum’. Much the same was true for Target 2. HSBC is another notable customer, also signing in 2004.
Global PayPlus was taken as a single platform for high-value and cross-border low-value payments, to replace multiple existing systems. At the time of the deal, it was stated that the full roll-out would be during 2006, with the bank handling customisation and integration. Global PayPlus is understood to be live in a number of sites within HSBC for high-value payments. However, in early 2011, the bank turned to Dovetail for low-value. Fundtech claimed Global PayPlus was live for low-value as well. A statement to IBS by Fundtech read: ‘Fundtech continues to be engaged with HSBC in the global roll-out of Global PayPlus for high- value and low-value payment processing. Global PayPlus is in production supporting the US, UK, UAE, Canada, Bangladesh and Hong Kong. Fundtech continues to work with the bank to activate Global PayPlus across the HSBC network.’ A deal not long after the takeover of Fundtech by GTCR was Ohio-based Corporate One Federal Credit Union, a provider of corporate financial services to around 800 credit unions in the US. A Bankserv customer, it took PayPlus for ACH and CashPlus for cash management. A project kick-off meeting took place in mid-February 2012 and included a fellow credit union, Florida- based Southeast Corporate, as the two institutions were set to merge. The combined entity would service 1200+ corporate members. Corporate One’s SVP of operations, Robert Coyan, said that the Fundtech solutions roll-out and the merger would be concurrent, and the new platform would support the ACH operations of the combined entity. Corporate One started searching for a new platform in November 2010. It sent RFPs to ‘all prominent ACH platform providers in the US’, said Coyan. Key criteria included a well-developed electronic payments functionality, strong fraud detection and risk mitigation capabilities, and three- tier architecture (the vendor supplies an ACH platform to
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Corporate One, which in turn supplies it on an outsourced, white-label basis to its members, who in turn supply it to their business and special employee group customers). Also, the system had to be user-friendly, said Coyan. ‘If you have technology that you cannot use or are not comfortable with, you will shy away from it. Employees in the branches do not want to be technologists, they want to be able to provide appropriate and accurate service to customers and go home to their families at the end of the day.’ Fundtech’s user interfaces scored highly on this, he noted. The new software was to be supplied on a fully-hosted basis to Corporate One, unlike its legacy platform, APEX- ACH, which was deployed onsite (although a number of auxiliary systems were outsourced). APEX-ACH came from US Central Federal Credit Union (also known as US Central Bridge), once the largest corporate credit union in the country but now in the process of closure. US Central provided wholesale services to corporate credit unions like Corporate One, but could not survive the financial crisis. NCUA injected $1 billion into it in 2009 and then unsuccessfully tried to find a buyer for it. US Central’s operations were being wound down as a result. Corporate One’s earlier affiliation with Bankserv was for this company’s wire transfer service bureau, which is now branded as PayPlus Connect and is provided by a combined Fundtech/Bankserv unit.
Swedbank
Swedbank went underway with a major upgrade of its high-value and low-value payments infrastructure. At its heart, it has Fundtech’s Global Payplus. In part, there were competitive pressures behind the move, including the threat from non-bank rivals. There were also regulatory reasons, particularly the need to be ISO 20022 compliant. This was the Swedish bank’s fourth attempt to replace its payments platforms.
AgriBank
AgriBank went through a cash management software overhaul in 2008, replacing a legacy home-grown solution with Fundtech’s Cashplus. In mid-2011, the decision was made to upgrade to the latest version of the Cashplus solution, which comes integrated with the Smartnav user dashboard application. Fundtech described it as being specifically developed for US banks and going beyond traditional dashboards to offer a personalised and predictive user experience. In May 2012, the new version of Fundtech with Smartnav went live at the bank. Implemented modules included balance reporting, commercial loans, wires, and integration with the bill payments system.
Payment Systems & Suppliers Report |
www.ibsintelligence.com
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