Bank of America Merrill Lynch Chooses Fundtech's Global PAYplus-SP(TM) as the Foundation for its Next-Generation Online Banking Channel for Treasury ManagementFundtech's New SOA-based Transaction Banking Platform Receives Broad Industry Support as the Premier System That "Truly Fulfills the Promise of SOA" | |
 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 will support consistent processing for all payments regardless of channel. It will provide faster payment processing at a lower cost, enhance flexibility and improve response times to new opportunities, as well as allowing other advanced functions. The transaction is not expected to have a material impact on Fundtech's operating results for the third quarter of 2009. Global PAYplus-Services Platform Introduction Today at the Sibos conference (Editor's Note: Typhoon Warning T8 Just Issued) Fundtech introduced Global PAYplus-SP, a next generation payments platform developed using Service Oriented Architecture (SOA). Global PAYplus-SP preserves all of the rich, market-proven capabilities of Global PAYplus, while adding the power of an independent suite of SOA services. Today's announcement from Fundtech is part of a company-wide evolution to a services-based approach that transforms all of Fundtech's transaction banking products into an integrated suite of SOA services including payments, cash management, financial messaging, and financial supply chain. Fundtech has developed a single shared-services framework that is platform independent, based on an open architecture and XML-based data model, ensuring seamless compatibility with bank-developed and third-party SOA-based services. Fundtech has worked closely with the industry on product development, and by delivering significant and tangible benefits to financial institutions with Global PAYplus-SP, is demonstrating its innovative leadership. As an example of Global PAYplus-SP's innovative use of SOA, it now becomes possible to integrate full payments functionality into the corporate customer's online experience, thereby enhancing self-service, streamlining workflows, and significantly increasing straight through processing (STP). In what Fundtech calls STP@Source(TM), clients are engaged in the validation and enrichment of payment transactions, resulting in fewer exceptions and lower cost. Clients are empowered to make routing and pricing decisions resulting in a faster and more responsive service. Quotes Fundtech - Michael Sgroe, president and COO "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." Supporting Fundtech's successful bid with Bank of America Merrill Lynch were IBM and Oracle: IBM - Chae An, VP of Financial Services Sector Solutions Commenting on the introduction, Chae An, VP of Financial Services Sector Solutions, for IBM Software Group said: "We have worked with Fundtech over a number of years as they have developed their new SOA platform and services-component library that integrates with the IBM WebSphere Application Server platform and the IBM Banking Industry Framework. Fundtech's approach provides banks with the ability to fulfill the promise of SOA with independent services that can be shared among many applications, and combined with other services to create a wholly new capability. Our close collaboration and interoperability helps ensure that our clients are able to gain rapid return from such investment, and nowhere could this be better demonstrated than with our first major joint implementation at Bank of America Merrill Lynch." Oracle - Andrea Klein Vice President, Global Financial Services - Banking 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." Supporting Fundtech's Global PAYplus-SP product introduction is HP: HP - Andy Orent, Director, Banking & Capital Markets, Financial Services Industry "Financial institutions can lower transaction costs, reduce time to market for new services, and respond quicker to changing business needs with Fundtech's transaction banking applications on HP Technology," said Andy Orent, Director, Banking and Capital Markets, Financial Services Industry, HP. "Fundtech's services-based, modular approach fits tightly with HP's end-to-end, next-generation payments strategy." About SOA The move to SOA is a widely accepted fundamental paradigm shift in software development and business architecture that evolves from deploying full-functioning applications to deploying services that can be reused across the enterprise as part of end-to-end business workflows. Reusability of services reduces the time-to-market and expense for deploying new functionality, thereby minimizing development and testing timelines and reducing overall project risk. This new level of flexibility will make banks more agile, able to be more competitive and more market-responsive. About Fundtech Fundtech (Nasdaq:FNDT), was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world. Payments systems include wire transfers, ACH origination, cross-border payments and remittance. Cash management systems are designed for large corporate through small business clients. Fundtech operates the world's largest SWIFT service bureau. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply chain financing. And we are the leading provider of CLS systems to the world's largest banks. More than 1,000 clients throughout the world rely on Fundtech solutions to improve operational efficiency and provide greater competitiveness through innovative business-to-business services. For more information, visit www.fundtech.com. CONTACT: Metia Inc. | |
![Reblog this post [with Zemanta]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_sloc8diHdDIAcFPkOyjx-W8w-JwzUHICfidTPs6v0YOm7EftW_pUokY0R6B30t-aiBfQ8rzRwZQC7ODHABeldSB7pJgQfiTmOEhv5MbFWi2JSgol2de3vwPExPc8JM5ZswpdIoKaDymCRE_78tWOY=s0-d)
0 comments