Co-op Financial Services Selects Clear2Pay's Open Payment Framework
The Co-operative Financial Services has selected Clear2Pay to drive a transformation programme to have a single unified payments environment to process all payment types. This will be achieved by de-coupling the core banking platform from the various payment schemes to which it connects and implementing a core payments hub.
Clear2Pay’s Open Payment Framework will provide a clear separation between channels and the core banking systems, and allow a variety of channels to deliver payment instructions in any type and format. The core banking system will be able to receive and manage those instructions in a single ISO 20022 format.
Simon Cox, head of business systems strategy at the Co-operative Financial Services, said: “For the Co-operative Bank, being customer centric means directing every investment and effort towards the benefit of the customer. Clear2Pay’s Open Payment Framework enables us to tackle this from IT up into the business side, having an agile, fast and cost effective platform means delivering a much better and richer service and experience to our customers. With the Open Payment Framework we have the future-proof solution we were looking for to give us advantages from day one. Processing such different payment types and volumes is only possible with a SOA [service oriented architecture]-based hub approach. This way we open up the bank towards the customers rather than locking them in.”