Under the deal, Clear2Pay’s Open Payment Framework is set to drive a transformation programme for CFS whereby the core banking platform is de-coupled from the various payment schemes to which it connects through a core payments hub, all throughout a single unified payments platform. The new system, which will be available in 2011, is expected to handle all payment types from UK’s Faster Payments and BACS schemes, as well as cheques, debit and credit card payments.
The OPF provides a clear separation between channels and the core banking systems. It also allows for a variety of channels to deliver payment instructions in any type and format, as well as for core banking systems to receive and manage payment instructions in a single ISO 20022 format.
Clear2Pay is a financial technology company focused on providing financial services institutions with electronic payments technology. Clear2Pay operates in Belgium, France, the Netherlands, Poland, Spain, United Kingdom, Senegal, United States, Australia, China, Malaysia and Singapore.
The Co-operative Financial Services is part of The Co-operative Group. It operates 116 retail and corporate branches and serves around 5.5 million customers in the UK.
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