Jeff Otten

Finastra has announced that Berkshire Bank of Massachusetts has selected its payments solution Fusion Global PAYplus in a bid to upgrade its payments technology and introduce real-time payments capabilities.

“Berkshire Bank serves a knowledgeable base of corporate customers that demand the ability to make payments in real time,” said James Belliveau, Senior Vice President/Operations Strategy, Berkshire Bank. “By offering access to The Clearing House’s RTP network, we will not only be able to satisfy our existing customers desire for real-time payments, but appeal to new customers, combining the personal, intimate service of a regional bank with the cutting-edge capabilities of our biggest competitors.”

According to the supplier, the implementation of the new payments solution will enable Berkshire Bank to utilize its API stack and allow its customers to integrate payments directly from non-core banking platforms. It will enable the banks to send wires whilst automatically converting the currencies to that of the destination institution.

“As an early adopter to RTP, Berkshire Bank is demonstrating a commitment to its customers to invest in the right technology to offer the optimal mix of modern services and better digital experiences,” said Jeff Otten, Head of North American Sales, Transaction Banking Solutions, Finastra. “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.”

Recently, Finastra has launched new additions to its open platform for innovation. It built select solutions on top of Microsoft Power BI, Microsoft PowerApps and Microsoft Dynamics 365, via the platform, thus deepening the collaboration with Microsoft.

by Megha Bhattacharya
Market Analyst at IBS Intelligence