Clear2Pay launches ‘Faster Payments for the UK’ solution

Open Payments Framework Faster Payments compliant

London, 2 May 2006 – Clear2Pay, the international software vendor of next generation
payment solutions for financial institutions, today launched a ‘Faster Payments for the UK’ solution. The solution is based upon the Open Payments Framework (OPF), a library of component building blocks built entirely on a Service Oriented Architecture (SOA). The Faster Payments initiative for the UK aims to reduce clearing times on electronic payments between banks following telephone or internet instructions from customers, including standing orders. End users, consumers and corporations alike, should ultimately benefit through cost reduction, increased transparency and enhanced customer service levels.

Clear2Pay’s Open Payments Framework delivers common services comprising of an extensive data model, security, audit, routing, validation and warehousing functionality, choreographed payment business-processes and more. The defined solution for UK Faster Payments can be implemented as a unique product or in conjunction with other products such as Bank Payment Hub, Remittance, etc. Clear2Pay’s UK Faster Payments solution handles the entire life cycle from both outgoing and incoming payments, to instruction routing and the management of returns and refusals.

“The Faster Payments initiative is upon us before it even is fully specified”, Marc Terry, Managing Director EMEA of Clear2Pay comments. “Banks are being urged to take action now, but obviously this is a strategic issue which requires a long-term view with solutions that can be implemented in an evolutionary fashion, as of today. Realignment is inevitable, but on the other hand the potential is enormous. The flexible and proactive
OPF environment ensures that realistic and sustainable benefits can be secured for both banks and their clients.”

Mark Hartley, VP Strategy and Marketing adds: “As a global player, we do not see the UK Faster Payments initiative in isolation. It is all part of an industry-wide call for alignment, connectivity, transparency and programmes such as SEPA, merely underline that change has become the only constant factor. Managed migration to a new open environment is what clients around the globe demand, and in this case it means that Faster Payments, can for example, in time be augmented by SEPA clearing when the industry calls for that.”

About Clear2Pay

About Clear2Pay Clear2Pay is an innovative payments technology company focused on delivering globally applicable solutions for secure, timely and streamlined payments processing. Clear2Pay's Open Payments Framework (OPF) enables financial institutions to improve internal payments processing efficiencies whilst at the same time provide their clients with better payment services that are faster, with richer payments related information. Clear2Pay's solutions within the Open Payments Framework (SOA) offer financial institutions the ability to process payments through a centralised payments engine that utilises a library of re-useable business services across all payment types. The bank can thus combine new services models with existing infrastructures, thereby protecting previous investments whilst gradually moving to a more modern efficient payments environment. Clients include financial institutions such as ING, SEB Kort, VISA, MasterCard, ABN AMRO, Nordea, DnB NOR, Abbey National, Fortis Bank, NAB, Krung Thai Bank, ANZ and Commonwealth Bank. Clear2Pay operates out of Belgium (HQ), the Netherlands, Germany, Poland, Spain, United Kingdom, United States, China, Australia and Singapore and currently employs over 200 staff.
More information is available on www.clear2pay.com

About Faster Payments for the UK

A white paper on UK Faster Payments can be downloaded from the Clear2Pay website:
http://www.clear2pay.com/FasterPayments

For more information:

Clear2Pay NV/SA
Conny Dorrestijn - VP Marketing and Communications
E:
P: +32 15 79 52 00
M: +31 651 067201