Further uptake, from 2011 onwards
In Asia, there were a couple of notable breakthroughs in 2012. Six banks in Singapore signed to implement Global PayPlus for the country’s Immediate Payments G3 system. This payments innovation project was backed by the government and supported by Singapore-based BCS Information Systems (BCSIS), which would also distribute this solution to other countries in the ASEAN region. The deal would provide the six financial institutions in Singapore with the flexibility to streamline G3-specific, real-time configurable workflows, and adapt to future changes to the G3 payments. Some of the six banks were global players that had previously operated with Global PayPlusP in other regions, but there were also a couple of new customers from new locations (such as China, according to Fundtech, which was probably a reference to Bank of China – see below). Fundtech’s Gadot described the Singapore venture as
an ‘enhanced and impressive’ version of the UK’s Faster Payments and felt it was becoming a key part of the payments infrastructure in Asia. The development commenced in mid- 2011, with commercial banks, and it was expected to be a ‘quick project’, he said, that would go live in the spring of 2013. Vocalink, which had previously worked with Fundtech on UK Faster Payments, was partnering with Fundtech for the Singapore venture. Vocalink would be responsible for clearing house functions in the interbank payments system, while Fundtech would be providing the payment processing platform. David Yates, CEO of Vocalink, described the opportunity as ‘very exciting’. Along the same lines, Bankgirot, Sweden’s clearing house
for mass payments, has used Global PayPlus to launch the country’s new real-time payments system. At the time of launch, there was an immediate spike in payments processed through the seven banks supported by Bankgirot and, by October 2013, 850,000 users had adopted the system, transacting payments to the value of SEK 1.3 billion. Fundtech also secured success after a long-running selection at Bank of China, to provide payments software across the bank’s 30 countries where it had a presence. The new hub would cover high- and low-value payments, both high- and low-volume. It would also provide immediate payments services, within the venture with BCSIS. Global PayPlus was to replace a range of systems at Bank
of China across the globe, both in-house and third party (such as Montran in the US). IBM was believed to be Fundtech’s main partner for the project. Bank of China intended to compete with the likes of Citi and HSBC on a global scale and the implementation of Global PayPlus was understood to be a major part of this strategy. The aim was to be on a par with top- tier multinational players by 2020. The contract with Fundtech was signed in October 2012
and, according to a source on the ground, the implementation timescale was ‘very ambitious’. IPS and high-value payments would be the first phase. It was thought that the bank negotiated to take the source code. The deal was understood to have been gained on a competitive basis, and took a few years to reach the stage of actually putting pen to paper. Fundtech already had a relationship with Bank of China, at its operations in Hong Kong, but it was on a much smaller scale and different scope. The vendor’s large-scale, multi-country payment hub projects with Citi and HSBC were most likely to have helped to sway the decision in favour of Fundtech. As well as the aforementioned win at ANZ, Fundtech’s cash management offering has also gained a few other interesting recruits in recent years. In mid-2009, Turin-based Intesa Sanpaolo (ISP) Group Services opted for Global CashPlus to provide cash and liquidity management services to its corporate clients around the world. This was to replace a disparate and largely unconnected selection of mostly domestic cash and liquidity management technology offerings. The vision was described as a system where customers could carry out all of their cash and liquidity requirements in one place. Fundtech was selected following a final proof of concept. ‘They liked the fact that we were already doing such business for multiple banks in multiple geographies,’ said Dalmia. It was also important for ISP that the system could be customised to meet local business and technology requirements. The implementation started in October 2009 for Italy and
one other Central European country. The implementation was completed in both countries in June 2010. By early 2011, Fundtech was working on a further six country operations across Europe, with the solution eventually to be rolled out across all ISP banks in Italy, its foreign branches and subsidiaries, and its IBOS (International Banking - One Solution) alliance banks. African group, Ecobank, opted for CashPlus following a
selection process initiated in 2010. This was Fundtech’s first client on this continent aside from in South Africa. The purpose of the project was to offer an improved, standardised customer experience for corporate electronic banking clients across the bank’s operations, with the implementation coinciding with a longer effort to consolidate core banking operations on Oracle FSS’s Flexcube solution. ‘We put out an RFP in the early part of last year which
resulted in the selection of Fundtech,’ said Oti Ikomi, group head of corporate banking products at Ecobank in early 2011. Having initially spread its net wide, Ecobank found that ‘there are no more than ten or 15 vendors globally that can meet our requirements’. The RFP was sent to six vendors, all deemed ‘international best of breed providers’. Three solutions were shortlisted. Factors in Fundtech’s favour included its experience with large banks, and its track-record in interfacing with Flexcube (Fundtech is a partner of Oracle), plus the functionality of the solution itself, specifically in the area
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