Bank of America wants to bring the same customer service that FedEx offers for packages - tracking, pricing options, delivery choices, alerts, and online signatures - to the world of payments. It's no small aspiration. At most banks the payments data necessary for this level of customer interaction are trapped in the back office and can't be pushed out to where customers can use it. To change that, BofA has tapped Fundtech's Global PAYplus-Services Platform.
By breaking down the silos between the front and back office, the Global PAYplus-Services Platform creates a payments hub that integrates full payments functionality into corporate customers' online experience, enhancing self-service, streamlining workflows and increasing straight-through processing. "The vision is to use payment as a differentiator, to add services that wouldn't otherwise be possible," says Michael Sgroe, president and COO of Fundtech. "The principal goal is to become an indispensable element in the life of the business partner."