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February 15, 2010

Bank of East Asia Deploys Open Payment Framework Technology From Clear2Pay

To support its entire business, Bank of East Asia (BEA), a Hong Kong-based independent local bank, has deployed Open Payment Framework technology from Clear2Pay.

By CBR Staff Writer

The Open Payment Framework technology is at the core of the Enterprise Services Bus (ESB) that has gone live at BEA in Shenzhen, China.

In the first phase of a move towards a bank payment hub, the ESB has gone live in Q4 of 2009 to mediate between the various channels, such as corporate internet banking and the electronic commercial bill system and backend systems, covering both the core banking system and four other local currency systems.

The person-in-charge and spokesperson of the Shenzhen development center at Bank of East Asia, said: “We have successfully implemented our ESB project with Clear2Pay’s Open Payment Framework technology which has delivered a satisfactory and stable system which has fully met its initial goals. This is an important step to us as we are embarking on a wider process of upgrading our payments environment into a bank payment hub with all the business and functional benefits such an exercise brings.”

Warren Gardiner, general manager Asia Pacific for Clear2Pay, said: “This project is the kick-off of an entire payment hub overhaul and we are delighted to prove ourselves to them on a phase by phase basis. The bank-wide payment hub will allow the bank to create higher levels of efficiency and in a country with such huge volumes this makes absolute sense and we are very delighted to be at the heart of this project.”

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