Petra Financial powers PAYS from Simplex Consulting

10 February 2009

Petra Financial today announced that Simplex Consulting is to integrate Petra’s innovative payments automation products into its market leading, SWIFT-based payments processing solution.

Simplex Consulting will integrate Vortex, and Touchstone into its ‘PAYS’ solution (Payment Administration System). PAYS delivers a number of key offerings that have proved to be of enormous value to corporate entities. Cash and Liquidity Management, Risk Management, Reconciliations and Payment Processing, including SWIFT. are fully integrated and delivered through the outsourced platform which also operates a pay-as-you-use cost model.

Simplex boasts a broad, yet top tier client base. With strategic outsourcing relationships including Royal Bank of Scotland and a growing number of the banks’ corporate and financial institution customers now using PAYS, Simplex concentrates its efforts on enhancing the platform’s functionality. Petra’s products are directly in line with these aims.

Philip Walsh, a Director at Simplex Consulting comments, “We have always differentiated our offering through a greater understanding of our customer’s needs. With fully integrated functionality, PAYS brings flexibility and value to communications between corporate and bank. We see Petra Financial’s solutions as adding great value to PAYS, and apart from the clear business benefits, the emphasis on design and usability will make adoption and use much easier within banks. Making sure that payments messages are accurate at the point of initiation saves a great deal of time and cost in the process, and of course enables much higher rates of STP. Adding the Touchstone payments initiation really complements to what we can deliver to our clients”.

David Sinclair Petra Financial CEO comments, “Our agreement marks a new sphere in our growth and underlines the benefits of the simplicity and value that we bring, especially in these challenging times. All of our solutions are designed around the user interface and to deliver value from day one under commercial terms that offer flexibility to our customers in managing budget constraints”

John Burton, Marketing Director of Petra Financial further commented, ”Simplex Consulting has been a stalwart partner for a number of well known banks in Europe through its SWIFT Service Bureau, and its PAYS service. Simplex’s philosophy of providing simple to use, yet compelling solutions to real business issues aligns very well with Petra Financial’s ideals and objectives.”

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