In an effort to provide “backup” for corporate payments activity, Barclays is rolling out a cloud-based contingency service, Banking Technology reported Thursday (Sept. 10). The platform is geared toward giving corporate clients the ability to make payments if they are unable to use their traditional methods due to an adverse event, such as a network outage.
The financial giant has paired with AccessPay to form the service, and in terms of technology, Barclays clients will be able to make payments through a laptop and away from what could be considered their primary payments infrastructure. In mention of other contingency events, there could, for example, be a lost security token. Barclays aims to bring some digital protection to contingency operations, which even for some banks still remains a fax-based operation.
[bctt tweet="Barclays aims to bring some digital protection to contingency operations, which even for some banks still remains a fax-based operation."]
“It speeds everything up,” said Harcus Copper, who is head of global digital client access at the bank. "You get confirmation in minutes, and you know very quickly that the bank has confirmed the transaction. We chose AccessPay because we know them well; we needed someone who had expertise in cash management but also had experience dealing with Swift. Also, AccessPay is a relatively young company, and Barclays wants to help smaller, innovative companies — that was a factor.” The two companies already have a relationship, in which AccessPay helps to provide connectivity for corporate customers via the Swift network.
The website noted that the cloud-based service comes free of charge, and fees are levied only in the event that the contingency route is employed. In establishing payment, the fee structure is the same as it would be in the event that the client had been using their primary payments channel.