Many banks’ International Payments processing systems are rapidly aging. As a result, those systems have become costly to operate, maintain and upgrade. Furthermore, many legacy systems are heavily dependant on human intervention, leaving a significant margin for improvement of STP rates. Features of Clear2Pay’s International Payments solution, such as Automated Repair and Enrichment, maximise STP rates by removing the need for manual intervention in all but the most exceptional of cases.

The International Payments platform from Clear2Pay covers the whole of the correspondent banking chain including:

• Payment instructions in foreign currency from customers (corporate / retail) or customer-banks, to be forwarded via foreign correspondents
  
• Foreign currency payments received from abroad crediting accounts held by the bank
  
• Payments in local currency received from foreign correspondents to be forwarded via local clearing and settlement infrastructure

Furthermore, the system is multibank and multicurrency making it ideal for deployment within transnational banking groups.

Clear2Pay’s International Payments solution is derived from the Open Payment Framework (OPF). It therefore provides all the benefits of a state of the art Service Oriented Architecture. This means greater flexibility in the definition of business processes as well as the possibility of combining components from Clear2Pay with third-party components or legacy in-house components in a ‘best of breed’ approach. The use of the latest industry standards (such as UNIFI / ISO20022) combined with cutting edge yet proven technology makes for a resolutely future-oriented solution.

As with all our OPF-derived solutions, the International Payments platform can be combined with other OPF-based solutions to provide a centralised payment processing hub capable of handling many different types of payment (including domestic retail, high value / high care, SCT, SDD, Remittance, etc.). The implementation of additional modules can be accomplished at any stage, providing for a phased migration path thus minimising implementation risk and spreading IT spend over a longer timeframe.

International Payments brochure 1,4 MB

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