"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 payments - all in one centralized system,” stated Raghuram Ramamurthy of SwapsTech.
CHARLOTTE, N.C. (PRWEB) April 19, 2018
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 that helps banks harness real-time payments and get to market faster, while still supporting legacy payment processes such as ACH and FedWire. This announcement marks SwapsTech’s crossover into the US domestic real-time and legacy payments sector, 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 RTP®, TCH’s real-time payment network, which successfully launched in November 2017. Payment Galaxy™ is a state of the art payment hub, connecting financial institutions with multiple payment networks including TCH’s RTP®, ACH and Fedwire, with one simple user experience. SwapsTech is currently validating its real-time payment module with TCH and is in the advanced stage to license Payment Galaxy™ to a formidable Atlantic regional bank.
“We are excited SwapsTech is working to build a solution that will make it easy for financial institutions to connect to RTP®. Solutions like Payment Galaxy™ will drive adoption of RTP® and enable financial institutions’ customers to start to realize the benefits of real-time payment faster,” stated Keith Gray, Vice-President of Strategic Partnerships at TCH.
“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 an 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.
SwapsTech is an innovative financial technology solutions provider, connecting banks and their clients through simplified user experience. SwapsTech aims to allow financial service providers to afford the benefits of innovative technology and dramatically lower barriers to entry and expansion in their business lines. SwapsTech is offering a bank operating system for commercial and retail banking, with solutions for domestic payments, cross-border payments, foreign exchange, trade finance, interest rate derivatives, international treasury, electronic invoicing, multi-currency lending, debt management, collateral management and market risk management. Using proprietary plug and play architecture, SwapsTech delivers customized solutions in a fraction of the time and cost of other solutions.