Clear2Pay, an international technology provider of next generation payment solutions for financial institutions, has launched Open Card Switch, a payment service hub-oriented card processing solution. The product is aimed at organisations seeking to capitalise on the current developments in the card processing market to modernise their card payment systems.
The Open Card Switch responds to market demand for processors that want a dependable, cost-efficient, standalone 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 architecture (SOA), Clear2Pay is able to manage multiple brands and institutions in a multi-lingual, multi-currency approach.
Warren Gardiner, Clear2Pay’s chief strategy and product officer, said: “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 standalone 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.”
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