Clear2Pay, a developer of payment solutions for financial institutions, has launched Open Card Switch, a new payment service hub oriented card processing solution.

The product is aimed at organisations seeking to capitalise on the current inflexion point in the card processing market to modernise their card payment systems.

According to Clear2Pay, the Open Card Switch responds to market demand for processors that want a very dependable cost efficient stand alone solution as well as banks wanting to embrace the card processing entity in a payment hub approach, whereby banks build payment processing factories that handle payments of any type.

By coupling easy legacy integration with service oriented technology Clear2Pay is able to manage multiple brands and institutions in a fully multi-lingual, multi-currency approach.

Clear2Pay chief strategy and product officer Warren Gardiner said that the market is gearing up for a turning point, like for like replacements of processing platforms are no longer a given. Banks and other processors now often take a more fundamental and long term view by embarking on payment hub strategies whereby they aim to leverage the processing power and service levels of systems across all payment types.

"OCS, which is based on the expertise that we acquired with Jware Technologies earlier this year, offers both a strong and competitive stand-alone solution as well as the card solution that banks embarked on hub projects look for.

"The SOA nature of the product guarantees both stability and scalability and a fast time to market. We are very excited to speak to existing and new customers about this solution, here at Cartes and in sales discussions in the field," Gardiner said.