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Bpifrance is changing the way it handles money. It wants to make sending and receiving money faster and better. To do this, the bank is now launching a new feature it calls Vault Payments. This will enable it to partner with SEPA Instant Payments, a quick way to move money in Europe.
Vault Payments helps the bank send money immediately, anytime. It means customers and businesses won’t have to wait long to get their money. The bank also plans to move other money systems, like SWIFT and SEPA Credit Transfers to Vault Payments soon.
Bpifrance Uses New System To Work Better
A few years ago, Bpifrance started working with a company called Thought Machine. It chose Vault Core, a smart banking system, to help run its main bank services. This helped the bank do things five times faster. They were even able to launch a loan product quickly.
Now, the bank wants to use Vault Payments to do the same for payments. In just six months, the new system was ready and working. The bank says this helps it work better, do fewer tasks by hand, and make payments in just a few seconds.
Vault Payments also helps the bank meet a rule from the European Union. This rule says all banks must be able to send and receive instant payments every day, all the time. Bpifrance now meets that rule thanks to Vault Payments.
The Bank Now Offer Fast Payments And Smart Tracking
With the new system, the bank can track payments in real time. It also supports ISO 20022, a special way of sharing payment information. These tools help the bank see all payment steps and get ready for future changes like SWIFT MX.
Vault Payments lets Bpifrance do more than just fast payments. It can also split payments, send bills, and work with different types of money services. The bank says it now has more control and can add new ideas more easily.
Paul Taylor, the Chief Executive officer of Thought Machine, said Bpifrance is moving fast. He stated the bank is doing a great job by using new technology instead of old systems. He also said he is happy that his company is helping Bpifrance grow.
Lionel Chaine, who works at Bpifrance, said that payments should be easy and quick. That’s why they picked Vault Payments. He said it gives the bank a clean and strong way to run its money services. Thought Machine also works with other big banks around the world. It is even working with Mastercard to help more banks change the way they handle money.
