BNY Mellon develops enterprise payment hub 19 September 2012New York Reporter: Jenna Jones
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BNY Mellon’s treasury services business plans to develop an enterprise payment hub (EPH) for clients globally.
The EPH will eventually support all global currencies, payment channels and geographic regions. The EPH is currently focused on delivering euro and sterling services in Frankfurt, London, Brussels and Luxembourg. It will eventually tackle clearing opportunities in Asia and Latin America.
BNY Mellon’s executive vice president and global head of business strategy and market solutions, Susan Skerritt, said: "Our Enterprise Payment Hub will allow us to apply our acknowledged strengths as a processor of USD-denominated payments to global payments—irrespective of their currency denomination,"
“As it evolves, EPH will achieve our strategic intention of giving global clients access to a single global solution regardless of currency or payment type."
BNY Mellon is collaborating with Clear2Pay on the development of the EPH, using Clear2Pay’s open payment framework (OPF) technology. In a recent Clear2Pay whitepaper the company explained how OPF technology works: “The Open Payment Framework (OPF) from Clear2Pay is a library of component building blocks from which payments solutions can be derived. The Open Payment Framework is built entirely on a Service-Oriented Architecture (SOA) delivering common, reusable services consisting of a comprehensive data model, choreographed payment business processes and configurable services including parsing, validation, cost based routing, warehousing security, auditing and many more.”
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