(8 April 2008 – Australia) St George bank will replace its central payment execution system with that created by a Belgium based firm.Software vendor, Clear2Pay, said that its payments execution module will replace St George’s bi-lateral exchange system for processing bulk payment file instructions between the bank’s systems, clients and other financial institutions.
Paul Newham, acting group executive, technology and operations for St George said that the future proof new system will create greater efficiency and will lower the total cost of ownership.
Warren Gardiner, general manager Australasia for Clear2Pay said that the new system will allow St George to enhance their service levels due to the increased functionality of the new system.
The new system, based on service orientated architecture (SOA) is expected to be implemented in early 2009.