Finastra, a leading global provider of financial software applications and marketplaces, has partnered with ScotPayments, a centralised payments platform enhancing public service digital transformation in Scotland.
The collaboration between Finastra and ScotPayments is aimed at deploying Finastra’s Bacsactive-IP Confirmation of Payee (CoP) service to prevent payment fraud and errors. This partnership is strategic for enhancing the security and accuracy of payment transactions in Scotland.
Finastra offers a wide range of financial software solutions that cater to the needs of global financial institutions, facilitating complex financial transactions and compliance with various international standards. Their technology portfolio includes solutions for payment processing, risk management, and more. ScotPayments, on the other hand, focuses on providing a robust platform for the digital transformation of public services in Scotland, ensuring efficient and secure payment services for a variety of public sector needs.
The Confirmation of Payee (CoP) capability introduced by Finastra through its Bacsactive-IP solution is central to this partnership. It allows users to verify the accuracy of payment details, thus preventing fraud and reducing transaction errors. This technology is particularly beneficial in managing Direct Debit and Direct Credit transactions, significantly reducing indemnity claims and enhancing transaction efficiency.
The CoP service is accessible via Finastra’s Bacsactive-IP solution through multiple channels, including an Open API module for easy integration, pre-transaction payment file processing, and during account setup in the Bacsactive-IP system. This multi-channel accessibility underscores the flexibility and adaptability of the solution to different user needs.
Finastra Chief Product Officer, Payments Radha Suvarna, said, “Without CoP, users face a cumbersome process requiring intervention and resolution from failed Direct Debit Instructions and Direct Credit payments. Our emphasis on identifying and rectifying issues at the initiation stage underscores our commitment to delivering seamless experiences for our clients. The solution taps into our fintech open ecosystem to manage the real-time checks with the account holding banks. This open finance approach is empowering communities and democratizing payments.”