Barclays is in tie-up with AccessPay to create a cloud-based contingency payment service for corporates, which will help corporates to make payments even if they are unable to use their primary channel. The deal is as part of increasing focus on risk mitigation. The service will allow 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. Barclays’ director of global digital client access said the tie-up will speed up everything. Using the MT101 STP workflow, corporates can get confirmation in minutes and can know very quickly that the bank has confirmed the transaction, he said. AccessPay head of banking Simeon Parker said 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, he added.
