Clear2Pay launches PayPark Bank Payment Hub

This way banks, payment service and market infrastructure providers will gain efficiency and increase STP rates, thereby benefiting from lower processing costs and enhanced transparency. Above all, they will have a future-proof platform that enables them to react quickly and efficiently to fast changing market demands. The Clear2Pay Bank Payment Hub has been designed with maximum flexibility in mind. In todays payment world, pressure from regulatory and legislative angles, from advancing technology, and of course from customers force constant changes to the technology infrastructure for payments processing. With this in mind Clear2Pay has decoupled payment business processes from the underlying functional components that perform the work defined by a Business Process Engine. By taking this approach, changes can be made either to the business process or the underlying components without adverse effect on business continuity achieving the goal of maximum flexibility. PayPark Bank Payment Hub is designed to meet the following business requirements: - Managing payments as a distinct line of banking business through increased customer service and faster time-to-market for new payment product offerings, ultimately leading to increased profitability. - Payment system resilience in terms of supporting growing volume and high availability through the application of new – electronically based – technology, straight through processing and a distributed architecture. - Pro-active management of payment related fraud/risk. - Support of electronic payment standards and new arising payment services. - Reduction of operational costs, both in terms of licenses and IT as well as vendor specific support. - Optimisation of business processing. - Re-use of business services across a wide variety of payment types. - Evolution not revolution to bring banks the benefit of re-using existing well-functioning payment applications together with the possibility of integrating new components within a service-oriented architecture.