Berkshire Bank, based in Pittsfield, Massachusetts, as per recent reports, has decided to adopt the NY-based The Clearing House’s real-time payments (RTP) network and thus, has chosen the London-based fintech Finastra’s Fundtech-derived Global PAYPlus (GPP) for connectivity.
With this announcement, the regional bank has secured itself a spot amongst the first players in the US north-east to offer RTP capabilities. With the GPP platform, the bank will have access to the ISO 20022-based RTP.
The RTP platform will be accessible to all US depository institutions to help them enhance the digital experience for their corporate and retail customers. The platform representing the first ever core payments infrastructure built in the US in over 40 years, is in line with the Federal Reserve-sponsored Faster Payments Task Force effectiveness criteria and is scheduled for launch next year.
James Belliveau, Senior Vice-President for Operations/Strategy at Berkshire Bank, hopes the platform will enable the bank to merge “the personal, intimate service of a regional bank with the cutting-edge capabilities of our biggest competitors”.
Apart from providing RTP capabilities, the GPP will also ensure the auto-conversion of US dollar figures to relevant foreign currency, before sending the amount to its destined location, providing a seamless wire transfer experience for its users. The bank is hopeful that this capability will pave the way for a significant new revenue stream.
“Today’s bank customers – on both the retail and corporate side – are increasingly accustomed to on-demand services in all aspects of their lives. By offering real-time payments, Berkshire Bank is meeting the trend head-on and providing a service that will lower settlement risk, increase operational efficiency and eliminate friction in the payments process,” says, Jeff Otten, Head of North American Sales, Transaction Banking Solutions, at Finastra.