benchmark test
Global Payplus, an internet payments processing system developed by
US payment solutions provider Fundtech, has soundly passed a
benchmarking test undertaken by US technology group IBM. Utilising
a combination of batch and real time input, the test demonstrated
Global Payplus’s ability to process more than 7 million
transactions per hour and in doing so set new throughput and
performance records, said Fundtech.
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The company added that the test also confirmed Global Payplus’s
ability to support high volumes of high-value and low-value
transactions on the same integrated platform. In addition, Fundtech
said, results demonstrated the linear scalability of Global Payplus
as additional hardware was added and no limitations were identified
that would prevent scaling to even larger volumes.
The test was requested by a large financial institution to
demonstrate that Global Payplus meets the requirements of the new
UK Faster Payments scheme. Fundtech noted that service levels of
the Faster Payments scheme – which requires end-to-end processing
in seconds and final settlement within hours – exceed the
requirements of the European Commission’s Payment Services
Directive.
International funds transfer
Success in IBM’s benchmarking test came shortly after news that
Fundtech and US bank Citi had jointly launched Fundtech Payplus
USA, an international multiple currency funds transfers
platform.
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By GlobalDataJordan W Graham, MD of North American business development for
Citi’s Global Transaction Services Division, said: “Fundtech and
Citi’s powerful new international payments processing solution will
enable banks of all sizes to offer their clients global payment
capabilities previously only available from the largest financial
institutions.” He continued that the joint service reduces the need
for banks to operate multiple payment systems and correspondent
banking relationships by utilising Citi’s global network.
Fundtech Payplus USA benefits Fundtech clients in many ways, said
Michael Sgroe, Fundtech’s president and chief operating
officer.
“It minimises the cost of processing foreign exchange transactions,
enhances straight-through processing and provides the base to
generate additional revenue,” he said.
