Finastra has announced that MUFG (Mitsubishi UFJ Financial Group) has selected its Global PAYplus platform to support ACH services in the US.
The deployment expands the existing relationship between MUFG and Finastra and extends a unified payments architecture across Japan, Europe and now the US.
It follows MUFG’s earlier modernisation of its payments infrastructure in Japan and Europe as part of a wider effort to build a more scalable system.
MUFG Americas CIO, Alla Whitston, said:
“In 2021, we began our ISO 20022 journey with a bold decision to replace the core payment engine with a completely new one. After careful evaluation, we selected Finastra as our partner to first modernise our payment capabilities and following its successful completion decided to migrate our legacy ACH platform, benefiting from their global payments’ expertise and modern technology stack.”
The US rollout is part of a multi-year programme to simplify MUFG’s payments infrastructure and improve processing performance.
The bank said that standardising on a single platform has helped increase straight-through processing rates to more than 95% across its global operations.
Barry Rodrigues, EVP, Payments at Finastra, said:
“We’re proud to partner with MUFG on this journey, helping deliver the resilience, speed and flexibility that banks need today, while building a foundation that can evolve with future demands.”
MUFG is consolidating ACH and cross-border payment processing onto a single ISO 20022-native platform.
The initiative aims to reduce operational complexity and improve the bank’s ability to respond to regulatory and customer requirements.
Featured image credit: Edited by Fintech News Switzerland, based on image by Frolopiaton Palm via Freepik
