Berkshire Bank of Massachusetts is upgrading its payments technology to Finastra’s flagship payments solution, Fusion Global PAYplus.

Consequently, Berkshire Bank becomes one of the first regional banks in the North East to offer real-time payments.

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“Berkshire Bank serves a knowledgeable base of corporate customers,” says James Belliveau senior VP/Operations Strategy, Berkshire Bank. “They demand the ability to make payments in real time.

“Offering access to The Clearing House’s RTP network means we satisfy our existing customers’ desire for real-time payments. And appeal to new customers, combining the service of a regional bank with the cutting-edge capabilities of our biggest competitors.”

Moreover, the bank will make the most of Fusion Global PAYplus open API enablement and modern technology stack.

Berkshire Bank taps Finastra for RTP: new revenue stream

Furthermore, its customers will be able to integrate payments directly from non-core banking platforms and enjoy better and timelier reporting.

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Fusion Global PAYplus will also enable the bank to send wires, automatically converting dollars to foreign currency before sending to the destination institution. This opens up a significant new revenue stream for the bank.

Jeff Otten, head of North American sales, Transaction Banking Solutions, Finastra adds: “Berkshire Bank is an early adopter of RTP.  It is demonstrating a commitment to its customers. The bank is investing in the right technology to offer the optimal mix of modern services and better digital experiences.

“Today’s bank customers -retail and corporate – are increasingly accustomed to on-demand services in all aspects of their lives. By offering real-time payments, the bank  is meeting the trend head-on. It is providing a service that will lower settlement risk, increase operational efficiency and eliminate friction in the payments process.”

Berkshire Bank has assets of around $14bn. It operates 132 branches in Massachusetts, New York, Connecticut, Vermont, New Jersey and Pennsylvania.