CoCoNet launches US and China modules for MULTIVERSA IFP
- Banks’ corporate customers can now undertake cash management and payment activities in the US and China using MULTIVERSA IFP
- New country modules are tailored to the specific requirements of the US and Chinese markets
Banks can now offer their corporate customers cash management and payment services in the US and China using MULTIVERSA IFP. The new country modules give the corporate customers the convenience of being able to make payments using the platform in these two major markets. Each module is tailored to meet the requirements of its own specific market.
For example, the US module contains formats to support domestic and international payments that go through clearing houses such as NACHA. It also imports and presents data and images of cheques. The China module integrates an additional security method provided by the China Financial Certification Authority, and a new payment format that is based on the national payment protocol – CNAPS. The module uses Mandarin Chinese and accommodates simplified Chinese characters.
Benefits of MULTIVERSA IFP
A market-leading payment and cash management solution, MULTIVERSA IFP is ready for use in over 30 countries worldwide. More countries will come on board over time. The platform enables banks to run a central digital banking system, while harmonising the payment and cash management services that they offer to their international corporate customers.
“We developed the US and China modules of MULTIVERSA IFP so that banks could meet the high expectations of their corporate customers,” says Frank Dux, Managing Director of CoCoNet. “Banks know that they are best placed to attract and retain business when they offer the most sophisticated and up-to-date banking services as part of a high-quality brand.”
In addition to enhancing their customers’ banking experience, MULTIVERSA IFP allows banks to operate more cost-effectively since they can provide all their services through a single platform. It also means that they can enter new markets more easily.
“Having a centralised platform reduces the upfront investment that banks need to make when they enter new markets,” says Dux. “Furthermore, it allows them to expand their digital services more rapidly once they have entered a new market so that they can take advantage of opportunities as they arise.”