Bank of America Merrill Lynch has signed an agreement that will provide the backbone for a next-generation online payments system. The bank is using the new Global PAYplus solution from Fundtech to develop a hub that will enable a new online payments experience.
The hub is designed to support consistent processing for all payments regardless of channel, provide faster and lower cost payment processing, enhance flexibility and improve response times to new opportunities, and allow other advanced functions.
Online clients will be able to monitor payment status in real time, and the new system will be able to select the best way to process payments based on pricing and urgency. The new payments system will be available to clients in the second half of 2010.
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