Barclays, in partnership with AccessPay, has launched a cloud-based contingency payment service channel for its corporate clients.
The new service allows Barclays’ corporate clients access to the additional channel for managing payments if access to their primary channel in unavailable. Talking to EPI, it was described as a ‘one single entry point to communicate with Barclays’.
Intended as part of a client’s contingency plans, the additional service will be available continually alongside the bank’s primary corporate banking channels. In addition, AccessPay considers this to be a ‘value-added service’ and there will be no additional fees to utilise it.
Simeon Parker, head of banking at AccessPay, said: "We’ve been working with Barclays on this for some months. Obviously, Barclays has very experienced project and programme managers so there’s a very good match between them and AccessPay. It was a very good pairing because we both understood the technical requirements and we worked on a very comfortable basis with them to make sure that we met all their needs and requirements."
While this service is currently limited to corporate clients, Parker believed that this may not be the case forever and the service can be applied to a multitude of customers.
He said: "We have a very close relationship with Barclays and, of course, we will discuss with them what the next steps will be. That’s something that will be subject not only to our discussions, but also the business case for each of those market segments, so that’s something to watch. We’ll certainly keep our dialogue going with Barclays."
AccessPay had to fight off a ‘number of vendors’ in the selection process to gain this partnership. However, Parker is adamant that Barclays made the right choice.
He concluded: "[Barclays was] very impressed with the agility of AccessPay and AccesPay’s technical knowledge and experience in the cash payments arena."