Fundtech, a Jersey city, N.J.-based payments software company, announced today that six financial institutions in Singapore has selected its Global PAYplus solution for their Immediate Payments implementation.
The solution is a service-oriented architecture (SOA) payments services hub that the company says is able to deliver nearly 100 percent straight through processing automation.
According to Fundtech, Singapore’s move to an Immediate Payments initiative follows a global trend in payments innovation that offers real-time that are frequently less expensive than other similar services. These new services support new payment channels such as peer-to-peer payments and have the ability to reduce settlement risk, said the company.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio