SCOTTSDALE, Ariz. - Axway Inc. has announced the release of its Axway Synchrony Payment Hub, a collaborative business solution dedicated to payment-flow management that supports the deployment of the Single Euro Payment Area project in Europe.
For financial institutions operating in the euro zone, the hub is expected to simplify cross-border euro processing.
The SEPA project, overseen by the European Payments Council, sets to ensure that euro payments are treated as domestic payments, thereby eliminating the differentiation between national and cross-border payments. To meet SEPA requirements, FIs are replacing manual processes with automatic, streamlined approaches.
"The European Payments Council has clearly outlined their expectations for the SEPA program," said Laurent Menard, Axway's vice president of financial solutions marketing. "To help financial institutions meet these expectations, while cutting costs, we provide Synchrony Payment Hub, which leverages the foundation of our industry-leading technology in internal and business-to-business collaboration."
For the SEPA project, Synchrony Payment Hub proposes that modules be dedicated to the specific requirements of SEPA Credit Transfer and SEPA Direct Debit orders.
The Synchrony Payment Hub is based on an infrastructure platform with a service-oriented architecture that calls on the functional or technical services required for dealing with payment flows. The modular design, Axway says, allows the hub to cover every angle of the SEPA project, including collaboration between banks and corporate operations and banks and clearing systems. The solution also may be extended to support banking processes that requires the secure exchange of sensitive documents and data.
