Mechelen - June 02, 2007 – In joint venture with Unisys and Oracle, Mechelen-based Clear2Pay has won a major contract to help streamline the US Federal Reserve Banks’ transition from paper checks to electronic check transactions. The largest contract ever for Clear2Pay.
US Federal Reserve Banks are replacing their existing system with a scalable, flexible, open system solution to meet both current and emerging requirements for electronic payment processing. To achieve this, a key component from Clear2Pay, its SOA Bank Payment Hub, will be used.
Clear2Pay will deliver the lion’s share of the products and the core technology for the new settlement system to the 12 Federal Reserve Banks, an order worth over EUR 5 million. More work will follow in the future as the high-street American banks will have to adapt their existing interfaces with the Federal Reserve.
For Clear2Pay, incorporated in 2001, this is the largest contract they have won to date. The company currently employs 300 people worldwide and its solutions are compatible with 3 major payment systems: Sepa in Europe, Beps in China and Check21 in the US. It hopes to turn over EUR 100 million yearly within the next two to three years. (reported by De Standaard newspaper)
More info: Clear2Pay
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