Bank of America (Charlotte, N.C.) is using the new Global PAYplus solution from transaction banking software company Fundtech to develop a hub that will enable a new online payments experience. According to the companies, the hub will support consistent processing for all payments regardless of channel, provide faster and lower cost payment processing, enhance flexibility and improve response times to new opportunities, and allow other advanced functions.
Online clients will be able to monitor payment status in real time, and the new system will be able to select the best way to process payments based on pricing and urgency.
Global PAYplus uses service-oriented architecture and will be the foundation for Bank of America's next-generation online banking channel for treasury management. The new payments system will be available to clients in the second half of 2010.