Rapid Fin Pay for Corporate
Providing easy and intuitive access to business to initiate domestic and international wires.
About this app
Fusion Rapid Fin Pay provides a payment initiation facility to the small medium business (SMB) customers of the Financial Institution, with the ability to initiate US domestic wires via web browser. The application supports a maker and a checker persona.
Financial Institutions need to deliver solutions that take advantage of market changes (e.g., new rails, Open Banking and ISO20022 adoption) beyond simple compliance and hence deliver better customer service. Customers (including SMBs) are increasingly demanding an improved digital experience with high levels of automation and self-service along with increasing expectations of transparency, speed, and optimized clearing and settlement. The pressure to deliver compelling use cases that differentiate from the competition drives the need to be part of the platform economy and work collaboratively with Fintechs to deliver innovation.
Right sized solution
The solution is based upon our unique understanding of the requirement (having supplied GFX web) and it is designed to deliver the necessary functionality without the complication and expense of a full DC/Cash Management solution. In addition, we have an excellent insight into the future needs of this client base and so have designed a responsive roadmap.
Digital experience
The solution is web based (doesn’t required installation on customer side) highly secured (use of Oauth standards for authentication) and quick to implement. The solution ensures high levels of automation and STP by extensive validation of the payment at entry (e.g., all mandatory fields present, valid business date and routing numbers) and reduces operational effort and risk (only required fields are entered, optional re-keying by the checker). Fusion Rapid Fin Pay provides a much-improved user experience over the legacy GFX web solution.
Extensible via FusionFabric.cloud
The solution is delivered via integration with FusionFabric.cloud, Finastra’s open collaboration platform – as a result we can deliver value added Services through the offerings of other players on the platform – for example AI/ML based fraud detection and the provision of preferential FX rates (enhancing the international non-USD payment initiation offering)
