This IDC Financial Insights report looks at an actual enterprise payments implementation by Bank of America Merrill Lynch, using the Fundtech Global PAYplus SOA payments hub as a key component. In 2011, Bank of America Merrill Lynch's Global Treasury Solutions unit launched a new payment services hub, based on Fundtech's Global PAYplus software, to simplify processing of corporate payments. However, Bank of America Merrill Lynch also chose to develop a separate payment origination hub behind the customer-facing channels for greater flexibility and reuse.
According to Aaron McPherson, practice director at IDC Financial Insights and the author of the report, "The separation of payments origination and processing functions into separate hubs is an important refinement of enterprise payments strategy that other banks will wish to adopt."
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