Berkshire Bank of Massachusetts has enlisted the help of global fintech company Finastra to improve its payments technology.
Berkshire Bank explained bringing on board Finastra not only improves its technology but also provides the bank with real-time payments capabilities for the first time via its flagship payments solution, Fusion Global PAYplus.
“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.”
Berkshire Bank expects to utilise the solution’s open API enablement and modern technology stack.
Through Fusion Global PAYplus its customers will be able to integrate payments directly from non-core banking platforms, send wires, automatically converting US dollar figures to foreign currency, opening a significant new revenue stream for the bank.
“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.”
Erika Baumann, senior analyst, Aite Group commented on the news: “Adoption of real-time payments for business payments in the US has been slow, particularly among regional and community banks.
“Early adopters, like Berkshire Bank, show a keen understanding of how customers increasingly expect to transact and are establishing their leadership in the area ahead of the competition.”