Bank of America collaborates with Fundtech to launch online payments hub

image Bank of America Merrill Lynch is to become the first customer of Fundtech‘s new Global PAYplusServices Platform (Global PAYplus-SP), that is based on a service-oriented architecture and will be the foundation for the bank’s next-generation online banking channel for treasury management.

Global PAYplus-SP product is part of Fundtech company-wide evolution to a services-based approach that transforms all of its transaction banking products into an integrated suite of SOA services including payments, cash management, financial messaging, and financial supply chain. Fundtech has accomplished a single shared-services framework that is platform independent, based on an open architecture and XML-based data model, ensuring compatibility with bank-developed and third-party SOA-based services.

The hub will uphold consistent processing for the majority of payments regardless of channel, provide faster and lower cost payment processing, enhance flexibility and improve response times to new opportunities, and allow other advanced functions. Thus, bank’s online customers will be able to monitor payment status in real time, and the new system will be enabled to select the most appropriate way to process payments based on pricing and urgency.

Fundtech is working with IBM on the implementation at BofAML and has integrated the software components with Big Blue’s WebSphere middleware platform.

The new payments system will be available to Merrill Lynch clients since the third quarter of 2010


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