SwapsTech releases the payments hub for Real Time, Domestic and International Wires
PAYMENT GALAXY ™
SwapsTech, a leader in global foreign exchange, payment and commercial banking technology, today announced completion in the development of Payment Galaxy™, the state of the art payment platform and hub – to help banks harness real-time payments and get to market faster, while still supporting legacy payment processes and systems. This announcement marks SwapsTech’s crossover into the US domestic real-time and legacy payments market, driven by the same excellence that underpins our core products and solutions to global traders and transaction bankers.
In alliance with The Clearing House (TCH),whose infrastructure is at the center of the real-time payment revolution in the US, SwapsTech will be leveraging the Real-time Payment Network (RTP) of TCH, which successfully completed its first real-time payment in December 2017. The TCH leveraged RTP solution is among a handful of leading edge payment hub solutions within Payment Galaxy™. SwapsTech is currently validating its RTP module with TCH and in the advanced stage to license Payment Galaxy™ to a formidable Atlantic regional bank.
“The payment terrain is shaking and transforming dramatically with disruptive technologies now directly in the hands of customers, and the real-time payment is at the epicenter. With Payment Galaxy™, banks can easily and quickly connect to the TCH RTP network and start offering real-time payments in just a few short months, while continuing to support legacy system processed payments–all with a common user experience, in one centralized, stable system.” stated Raghuram Ramamurthy, Head of Treasury Products at SwapsTech.
“Banks are in the midst of the transitioning from conventional payments to real time payments. Ripping and replacing a core system creates unavoidable and unwanted impact to customers, but now the banks can facilitate real-time payments without compromising what the banks themselves already do well. And with our proven expertise behind them, the banks can integrate with their core banking systems faster. Our Payment Galaxy™ API opens the door to our unique plug and play technology, with drag and drop workflow orchestration. This exemplifies SwapsTech’s intuitive and visual approach to a bank’s learning and doing and allows the bank to easily customize payment processes to suit to their service standards, internal controls, and security requirements,” added Rithesh George, Head of Treasury Technology at SwapsTech.
PAYMENT GALAXY™ is the only system that delivers real-time payments while supporting legacy payments, with one user experience for all payment schemes, handling all the complexity with simple interface and a flexible architecture using plug & play components.
Functional Highlights
REALTIME PAYMENTS
Payment Galaxy has an established connection with The Clearing House RTP payment network and offers a truly flexible plug & play system. Simply connect the Payment Galaxy from your payment channels, initiate payments, track status, receive and respond to payment requests with complete visibility and reporting to the end user.
ACH/FedWire PAYMENTS
Payment Galaxy delivers real-time payments while supporting legacy payments including ACH & FedWire using the same user experience. Manage batch schedules, repair queues, returns, rejects, NOCs, and the complete life cycle of payments using simple yet powerful tools. Allow the channels connect to Payment Services using standardized API.
GLOBAL PAYMENTS
Payment Galaxy inter operates with SWIFT and other global payment schemes, enabling a truly global real-time payment experience. Send real-time payments to UK, Europe, India, Mexico, and many other real-time payments enabled countries using the combination of SWIFT GPI and local real-time payment networks, without ripping your existing SWIFT infrastructure.
Interoperability
Payment Galaxy provides the true interoperability from one payment scheme to any other payment schemes in the world. For example, an incoming SWIFT GPI payment can interface with the national real-time payment network for real-time settlement and notifications back to SWIFT GPI tracker.
OPEN (API) BANKING
The days of manual payments will be behind us very soon – stay innovative by offering powerful and secure open banking API. PSD2 complaint open banking API powers your clients and their ERP/Accounting system to connect with bank using tokenization to access account balances/transactions for reconciliations and manage