Payment solutions provider Clear2Pay will provide Royal Bank of
Scotland (RBS) with its Open Payment Framework (OPF) to drive the
bank’s payment hub across the Single Euro Payments Area
(SEPA).
The Open Payment Framework will support SEPA credit transfers and
direct debit processing for all UK, Ireland and international
banking clients.
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The bank’s EMEA Transaction Services includes operations from 18
international RBS branches and its chosen financial institutions
clients and partner banks.
RBS has chosen the Belgium-based firm due to its “proven execution
track record and quality of references across Financial
Institutions (FI) and Clearing and Settlement Mechanism (CSM) users
for SEPA processing”, said Kevin Brown, global head of product
management at RBS.
In the run up to SEPA, the partnership between Clear2Pay and RBS is
a key stepping stone towards further global payment hub
capabilities, the companies stated.
Michel Akkermans, chairman and CEO of Clear2Pay said: “With the
SEPA end date nearing at a rapid pace, we expect more banks to
embrace industry standard solutions to ensure both a rapid
deployment as well as control over the payments services
proposition, which sits at the heart of the customer
relationship.”
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By GlobalData
