Berkshire Bank of Massachusetts has selected Finastra’s Fusion Global PAYplus payments solution, in a bid to improve its real-time payments capabilities.
Image: Berkshire Bank has selected Finastra’s Fusion Global PAYplus payments solution. Photo: courtesy of Ahmad Ardity from Pixabay.
Fusion Global PAYplus will enable financial institutions to consolidate legacy systems into a single and configurable payment hub, which can be deployed across the globe.
The payments platform will help accelerate adoption of new technologies from immediate/real-time payments, open APIs, blockchain and artificial intelligence.
Berkshire Bank operations strategy senior vice president James Belliveau said: “Berkshire Bank serves a knowledgeable base of corporate customers that demand the ability to make payments in real time.
“By offering access to The Clearing House’s RTP network, we will not only be able to satisfy our existing customers desire for real-time payments, but appeal to new customers, combining the personal, intimate service of a regional bank with the cutting-edge capabilities of our biggest competitors.”
Fusion Global PAYplus will allow customers to combine payments directly from non-core banking platforms, enabling better and timelier reporting.
The payments solution will facilitate Berkshire Bank to send wires, allowing to automatically convert US dollar figures to foreign currency before sending to the destination institution.
Fusion Global PAYplus will help in improving efficiency and reducing operating cost by combining all payment types in a single payment hub solution.
It will also help reduce risk with fewer interfaces, systems and stages in the payments process, as well as improve customer experience by creating a single processing model.
Finastra North American sales and transaction banking solutions head said Jeff Otten said: “Today’s bank customers — on both the retail and corporate side — are increasingly accustomed to on-demand services in all aspects of their lives.
“By offering real-time payments, Berkshire Bank is meeting the trend head-on and providing a service that will lower settlement risk, increase operational efficiency and eliminate friction in the payments process.”
Finastra, which was established in 2017 by combining Misys and D+H, offers financial services software that can be used in retail banking, transaction banking, lending and treasury and capital markets.