CoCoNet enhances MULTIVERSA IFP with instant payments functionality to delight banks’ corporate customers
Banks can now use MULTIVERSA IFP, the cash management and payment platform provided by CoCoNet, to develop instant payments and real-time banking services for their corporate customers.
The new functionality that has been integrated into the solution will benefit banks’ corporate customers by enabling them to take real-time control of their liquidity, speed up their payment transactions and directly execute urgent payments – for example, to facilitate trade. Furthermore, they can take advantage of alerts to stay informed about incoming instant payments, allowing them to authorise the immediate delivery of goods.
In addition, the functionality will mean that corporates can use immediate cash pooling to avoid corporate loans, permit new interactions in buying and selling processes, and enable innovative pay-per-use services.
CoCoNet, a leader in digital banking solutions, developed the functionality to enable banks to delight their customers by providing them with solutions that speed up the payment process and give them greater visibility over their bank accounts. MULTIVERSA IFP is CoCoNet’s user-friendly, comprehensive payment and cash management solution for corporate customers.
“Banks’ retail customers increasingly expect payments to be made instantly and they should expect their corporate customers to follow suit,” explains Axel Wiethoff, CEO Finance, Support & Key Account Management at CoCoNet. “So banks need to be able to prove that they can meet their customers’ expectations, giving both themselves and their customers a competitive advantage.”
The use cases for MULTIVERSA IFP’s instant payment functionality range from immediate opportunities, such as cash pooling services, through to potential future use cases, such as ad-hoc loans and direct trade payments. Meanwhile, efficient real-time liquidity management is achieved through a unified view of bank accounts that incorporates multiple banking relationships. This unified view of real-time account balances is made possible through the integration of data from different bank accounts using the application programming interfaces (APIs) that banks are required to establish under the EU’s Second Payment Services Directive (PSD2).
“Based on the real-time information that is available from MULTIVERSA IFP, businesses can make rapid decisions and take action to facilitate immediate business or to avoid unnecessary corporate loans.”
Axel Wiethoff, CEO Finance, Support & Key Account Management at CoCoNet