Home Deals IBM seals payments platform cloud deal with Australian Settlements
IBM seals payments platform cloud deal with Australian Settlements Image courtesy of adamr at FreeDigitalPhotos.net

Financial services provider Australian Settlements Limited has adopted IBM Cloud for its new payments platform implementation to provide members real-time payments that can be cleared and settled within seconds.

ASL has selected a hybrid cloud solution from IBM that leverages the vendor’s pure application systems, as well as IBM expertise, to help build the NPP solution which delivers the pre-requisite IBM Middleware, third party packaged payments application and Society for Worldwide Interbank Financial Telecommunication (SWIFT) supplied software componentry for secure financial messaging.

The solution also comprises IBM MQ messaging software, IWebsphere Application Server to underpin the payments applications and IBM hardware platform in the form of the pure application sytems delivering compute, network, storage and the pattern engine which enables the full NPP production software stack to be deployed in under 60 minutes.

“ASL wanted to help members respond effectively to a period of industry growth, rapid innovation and change,” said David Jay, chief executive, ASL.

“ASL’s NPP will not only allow members to adhere to pressures of today's finance landscape and government imposed regulations, but it will also allow unparalleled control.”

Through the new system, ASL members will be able to connect to the basic Infrastructure via ASL’s back office application, and gain access to forums that provide guidance on when activities should progress.

IBM says NPP accelerator will also provide connectivity to the SWIFT private network and SWIFT Payment Access Gateway host, with the IBM PureApplication allows pattern engine for rapid provisioning, data replication and management and monitoring.

“ASL not only required speed to market but to adhere to pressures of the financial landscape and government imposed regulations,” said Tony Armfield, general manager, IBM Cloud.

“IBM was delighted to provide our expertise and innovation, with the ultimate beneficiaries being the Australian public and Australian businesses.”

Due to go live in the second half of 2017, Armfield says the NPP is an industry-wide initiative to develop new national infrastructure for payments in Australia, and is the Australian payment industry’s response to the Reserve Bank of Australia’s strategic review on innovation.

And, while established institutions are facing the challenge of rapid change from the world of FinTech and industry disrupters, the NPP will enable the industry to offer a versatile and responsive payment options to customers.

According to IBM, as competitive and regulatory pressure intensifies globally, financial institutions must transform their payment systems to drive costs and consolidate any duplicate systems.

Armfield says IBM is helping banks worldwide modernise their payment systems to improve efficiency and transparency as they face challenges such as duplicate systems, manual payment processes, and increased regulation.

He also says the increased business agility IBM provides allows banks to reduce operational costs, automate manual processes to reduce time required to complete payments, and improve overall infrastructure among numerous networks to meet regulatory requirements.

And IBM says that the move to faster payments is a result of the transformation within the banking industry and the evolution into cognitive banking, and that banks must utilise data and customer insights to adapt to new client needs.

IBM commercial payments offerings also provide payments analytics, support for client segmentation, and real-time fraud detection for clients moving to instant payments pilots and emerging global schemes.


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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).


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