Global Pay Connect is aimed at helping “financial institutions extend their payments infrastructure beyond traditional connectivity through API-enabled services and third-party data integration,” per the release.
“Financial institutions are being pushed to support real-time payments, ISO 20022 compliance, cross-border transparency and emerging payment models,” the release said. “Outdated systems are making this a challenging environment to navigate.”
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
Bottomline research found that 40% of chief financial officers point to outdated infrastructure as the largest obstacle to adopting real-time payments, and just “28% describe SaaS adoption across their institution as modern, API-enabled and end-to-end,” according to the release.
Global Pay Connect offers “connectivity across major global and domestic payment networks, including Swift, SEPA, SIC, Bacs, CHAPS, CHIPS, Lynx, EBICS and host-to-host connections,” the release said.
It also provides “modernization through ISO 20022 transformation, payment data enrichment and Message Vault capabilities” and intelligence via “real-time visibility into payment activity and AI-enabled insights that help institutions secure more value from payment data,” according to the release.
Meanwhile, Bottomline formed a partnership with blockchain company Chainlink, with Global Pay Connect enabling interoperability through that firm, the release said. This lets the companies connect banks “seamlessly to multiple blockchain networks through a single, network-agnostic integration model” through connectivity with Bottomline.
“Global Pay Connect is the bridge between today’s payment infrastructure requirements and the future evolution of payments ecosystems,” Vitus Rotzer, global head of banking GTM, Bottomline, said in the release. “It will help institutions deliver greater value from payment data through intelligent validation and AI-enhanced insights, while supporting emerging payment models, such as digital assets and tokenization.”
Real-time payments are providing banks with “another reason to confront technology they have spent years working around,” PYMNTS reported Sept. 8.
The share of financial institutions that expect to enable The Clearing House’s RTP® network within the next two years is 92%. As a result, real-time payments could turn infrastructure modernization from a long-term project into a more immediate spending requirement, the report said.
Add as Preferred Source
