By upgrading its payments technology to Finastra’s Fusion Global PAYplus solution, Berkshire Bank of Massachusetts becomes one of the first regional banks in the Northeast to offer real-time payments.
“Berkshire Bank serves a knowledgeable base of corporate customers that demand the ability to make payments in real time,” says James Belliveau, Senior Vice President/Operations Strategy of Berkshire Bank.
Belliveau continues, “By offering access to The Clearing House’s RTP network, we will not only be able to satisfy our existing customers desire for real-time payments, but appeal to new customers, combining the personal, intimate service of a regional bank with the cutting-edge capabilities of our biggest competitors.”
With Fusion Global PAYplus, Berkshire Bank customers will be able to integrate payments directly from non-core banking platforms and experience more thorough and timelier reporting. In addition to the RTP network, Fusion Global PAYplus will enable Berkshire Bank to send wires that automatically convert U.S. dollar figures to foreign currency before sending to the destination institution. This opens a “significant new” revenue stream for the bank, according to the press statement.
“As an early adopter to RTP, Berkshire Bank is demonstrating a commitment to its customers to invest in the right technology to offer the optimal mix of modern services and better digital experiences,” says Jeff Otten, Head of North American Sales, Transaction Banking Solutions for Finastra.
“By offering real-time payments, Berkshire Bank is meeting the trend head-on and providing a service that will lower settlement risk, increase operational efficiency and eliminate friction in the payments process,” adds Otten.
Banks like Berkshire see the benefits of the RTP network for its customers.
“Adoption of real-time payments for business payments in the U.S. has been slow, particularly among regional and community banks,” says Erika Baumann, Senior Analyst for market research firm Aite Group. “Early adopters, like Berkshire Bank, show a keen understanding of how customers increasingly expect to transact and are establishing their leadership in the area ahead of the competition.”
Read the entire Berkshire Bank RTP announcement.