The Royal Bank of Scotland (RBS) has selected Clear2Pay’s Open Payment Framework (OPF) as the technology of choice to power its payments services hub for the single euro payments area (SEPA). This includes more than 18 international RBS branches and its chosen financial institution (FI) clients and partner banks.
OPF will power RBS’s payment services hub supporting Europe, Middle East and Africa (EMEA) transaction services. RBS Groups’ payment services hub will support and service SEPA Credit Transfer (SCT) and Direct Debit (SDD) processing for all UK, Ireland and international banking clients.
Kevin Brown, global head of product management at RBS, said: “Ultimately, we have chosen Clear2Pay based on the strength of their solution design and delivery ethic; their proven execution track record and quality of references across FI and clearing and settlement mechanism [CSM] users for SEPA processing, in addition to the international payments hub. Their solution suite, coupled with their clear global development agenda, ensures RBS’s agility and cost-effectiveness in ensuring enhanced STP [straight-through processing] for our clients; meeting regulatory and new market requirements, including real time clearing solutions and mobile banking and payments.”
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