Unisys Corporation (NYSE:UIS) today announced it will design and help implement a new electronic check and image processing system in a consulting, software and hardware agreement with the Federal Reserve Bank of Cleveland, acting on behalf of the 12 Federal Reserve Banks.
The Federal Reserve Banks are replacing their existing system with a scalable, flexible, open system solution to meet both current and emerging requirements for electronic payment processing. The 12 Reserve Banks together are one of the United States’ largest processors of payments, including paper and electronic checks, for financial institutions.
Unisys will help the Federal Reserve Banks transition from their existing system to a solution capable of handling rapidly growing volumes of electronic checks and images. The Unisys solution is designed to provide a more streamlined and robust processing environment.
“We are committed to building a payment processing solution that effectively addresses the migration of financial institutions to electronic checks and images, and we believe that the approach we are taking through this contract with Unisys will help us achieve that objective,” said Pat Barron, retail payments product director, Federal Reserve System, and first vice president and chief operating officer, Federal Reserve Bank of Atlanta.
Unisys will deploy its Open Payments Platform (http://www.unisys.com/about__unisys/news_a_events/04168764.htm) as the core of its solution for the Federal Reserve Banks. Unisys Open Payments Platform takes advantage of the economies and efficiencies that open source technology affords. It supports the processing of multiple types of file and message-based e-payments from numerous sources. The Unisys solution is based on a Service Oriented Architecture (SOA) approach incorporating industry standards, Business Process Engineering Language (BPEL), and Linux. The Open Payments Platform utilizes key components from Unisys partners Clear2Pay and Oracle Corporation: Clear2Pay’s SOA Bank Payment Hub and Oracle’s 10g Database and Payment Business Intelligence accelerator, the latter of which Oracle jointly developed with Unisys.
To meet the Fed’s high-volume performance requirements, Unisys is providing an open, fault-tolerant system. The payment solution will run on Unisys ES7000/one Enterprise Servers based on multi-core Intel processors and running the Red Hat Enterprise Linux operating system.
“This engagement with the Federal Reserve Bank continues a long tradition of partnering on payments innovation,” said Curt Girod, president of Global Financial Services at Unisys. “In this new project, Unisys will help the Reserve Banks harness the power of open source technology for electronic check payments in a way that is efficient, grows to adapt with their business and addresses their customers’ evolving needs.”
The Open Payments Platform is based on the Unisys 3D Visible Enterprise (3D-VE) approach which helps financial institutions and other organizations measure and evaluate business outcomes before they actually deploy full solutions – a capability that is particularly critical in a payments industry that is constantly evolving.
About Unisys
Unisys is a worldwide technology services and solutions company. Our consultants apply Unisys expertise in consulting, systems integration, outsourcing, infrastructure, and server technology to help our clients achieve secure business operations. We build more secure organizations by creating visibility into clients’ business operations. Leveraging the Unisys 3D Visible Enterprise approach, we make visible the impact of their decisions—ahead of investments, opportunities and risks. For more information, visit www.unisys.com.
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