Clear2Pay said that it is implementing a payment hub at Banco de Chile. The payment hub project is aimed at unifying the bank’s domestic, high value and international payments through one single payment engine.
It added that the bank understood for some time that it would have to compete at the client services level, merging the objectives of giving customers a suitable and customised product and experience, while still streamlining the underlying processes. This means that implementing a payment hub with the ability to handle transactional volume peaks, prioritise payments and handle exceptions with the lowest possible level of manual intervention was important.
The generation of information for the operational, customer and product development teams was also a key aim. This way the bank can reduce costs in the back office through a unifications and rationalisation exercise at the processing level by out phasing the various payment silos.
The Banco de Chile’s payment hub will go live by the end of this month, running from their main data centre with two additional back-up sites, touching a few hundred employees at the bank.
“Our payments and cash management strategy sits at the core of our banking relationship with our customers,” said Patricio Melo, corporate vice president of technology and operations at Banco de Chile. “The service levels we offer in terms of efficiency and information are of paramount importance and we are convinced that a payment services hub is the only way to achieve this from a technology and operational view. Clear2Pay with its highly referenced Open Payment Framework [OPF] technology offer the flexible, scalable and proven route we are looking for.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.