Clear2Pay, an international technology provider of payment solutions, has launched the G3 Payments Solution for the Singapore financial services industry on the back of its pure service-oriented architecture (SOA) Open Payment Framework. This product launch is a direct follow-on from the partnership Clear2Pay announced with Vocalink on delivering an end-to-end immediate payments solution for banks.
The G3 scheme will enable Singaporean banks and financial institutions to process low-value payments in real-time maximising their ability to deliver innovative and commercially attractive products while minimising settlement risk. This higher level of velocity of money within the economy will benefit Singapore’s thriving business community at large and will be closely monitored by neighbouring countries.
Stephen Peters, vice president of Clear2Pay Asia-Pacific, said: “As a global company with dedicated local and regional teams, we have amassed a wealth of experience in deploying new payments schemes such as SEPA [single euro payments area] and UK Faster Payments at our clients’ sites. Combining this expertise with our flexible Open Payment Framework and our inclusive G3 Open Test Solution gives us the flexibility to offer our existing and new customers in the region a secure and fast way to embrace G3 in time for industry testing by the end of this year.”
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