Barclays launches cloud contingency payments with AccessPay
Barclays has launched a cloud-based contingency payment service for corporates, which the bank says will help corporates to make payments even if they are unable to use their primary channel, for example during an network outage. The deal comes as financial institutions and corporates increase their focus on risk mitigation.
Barclays partnered with specialist company AccessPay to create the new service, which allows clients to make payments via a laptop separate to their primary infrastructure. The idea is to provide an extra channel which works as a part of clients’ contingency plans, available any time alongside their primary corporate banking channel.
Problems with payment channels can happen for a number of reasons, including the primary using being unavailable, or a security token being lost or damaged. Barclays also points out that banks offer a fax service at the moment as a solution in this scenario – but this is imperfect, since it takes time and requires manual input. Automating that process should make things more efficient.
“It speeds everything up, using the MT101 STP workflow, you get confirmation in minutes and you know very quickly that the bank has confirmed the transaction,” said Harcus Copper, director of global digital client access at Barclays. “We chose AccessPay because we know them well, we needed someone who had expertise in cash management but also had experience dealing with Swift. Also AccessPay is a relatively young company, and Barclays wants to help smaller, innovative companies – that was a factor.”
The service is provided free of charge, the only charge takes place if the contingent route is actually used, in which case the cost will be the same as if the client had used their primary channel. AccessPay already works in partnership with Barclays, providing a corporate connectivity proposition via the Swift network for corporate customers.
“We work with banks in a number of areas, including SEPA and Faster Payments,” said Simeon Parker, head of banking at AccessPay. “We are very pleased to be partnering with Barclays. There are a lot of corporates and banks interested in risk mitigation, and that’s partly being driven by regulation. Contingency planning is a part of that.”