BNP Paribas Uses Clear2Pay for Asia-Pacific Payments Hub
BNP Paribas has selected the Clear2Pay’s Open Payment Framework (OPF) to implement a single payments management platform for 13 of its countries in Asia. The regional payment hub will operate from Singapore; in its first phase it will handle all payment requirements for Thailand, Taiwan, Korea and Vietnam.
The bank’s regional payment hub project was initiated through the need to have a hub that could interface with BNP Paribas’ channels, a range of internal systems and the various domestic low value and high value payment systems, all with their own local language formats and requirements. This complexity called for a hub style approach, which would facilitate the internal links, as well as a link to the bank’s settlement system and the various clearing systems.
“As we were working on this initial project, whereby supporting local languages was key, it soon became apparent that we could gain additional benefits from the Open Payment Framework approach. Implementing this framework will give us a consolidated view of all payment transactions handled by each country in Asia-Pacific. It also allows us to enjoy seamless integration with our current applications such as Connexis or SWIFTNet in the future, and be able to offer parsing capabilities to other third-party banks. At the same time, it enables us to prevent disruption to our existing systems and interfaces from the impact of continuous change,” said Detlef Von-Eiff, chief information officer (CIO) at BNP Paribas Asia-Pacific. “This project is of strategic importance to the Group and it will be vital in driving our Asia-Pacific cash management business forward in a region which continues to demonstrate a high level of activity and economic growth.”