Mizrahi-Tehafot Bank, Finastra to support cross-border payments

The solution, aimed at small and medium-sized banks looking to implement domestic and cross-border payment services, will enable the bank to offer its customers instant payments, with reduced, fixed implementation cost. With this solution in place, the bank will be able to better serve its customers, and in turn to grow its business, whilst being prepared for changing regulations such as ISO 20022.

Built on Finastra’s payment hub, Fusion Global PAYplus, Fusion Payments To Go provides best-practice functionality and operating rules for supported clearing and settlement mechanisms, along with standard integration to external applications. It removes the need for expensive scheme maintenance, meaning that banks can redirect these funds towards the delivery of innovative business services that will improve the customer experience and deliver revenue growth. 

Finastra looks after all elements from contracting, onboarding, service operations and upgrades, to billing – reducing the bank’s operational costs and providing a faster time to market. Fusion Payments To Go is available to mid- and small-tier banks in Europe interested in implementing RT1 and/or TIPS immediate payments, as well as the FED and TCH immediate payment schemes in the US, with other schemes to follow. It also supports banks worldwide looking to implement SWIFT. In this case, the solution will cover three types of clearing: SWIFT, Zahav (Israeli Real-Time Gross Settlement), and global liquidity management.