Change management, be it strategic, tactical or regulatory, is a constant concern exerting continuous pressure on revenue streams. This is exacerbated by initiatives such as UK Faster Payments. How best to respond to these initiatives? Implement a quick fix solution to satisfy the regulators? Or sanction a major reorganisation of the payments infrastructure to fully benefit from the new opportunities UK Faster Payments brings? The truth probably lies between these two; a tactical Faster Payments solution with a strategic advantage of readiness for future developments that are oncoming.
To offer a speedy response to UK Faster Payments, Clear2Pay’s Open Payment Framework (OPF) is already compliant. The OPF is a library of component building blocks from which payments solutions can be derived. The OPF is built entirely on a Service Oriented Architecture (SOA) delivering common, reusable services consisting of a comprehensive data model, choreographed payment business processes and configurable services including parsing, validation, cost-based routing, warehousing, security, auditing and many more. From this core Framework, Clear2Pay has created defined solutions in the Bank Payment Hub, Remittance, UK Faster Payments and SEPA. Each can be implemented as unique solutions to satisfy a need. As the market develops, the OPF will expand to include more added value services.