Japanese bank MUFG is expanding an existing relationship with Finastra to modernise its Automated Clearing House (ACH) payment services in the US with the Global PAYplus platform.
The platform functions as a consolidated processing hub designed to manage incoming and outgoing payments across diverse bank channels, including ACH, instant payments, and international wires.
This is the third deployment of Global PAYplus in a major region by MUFG. The bank already uses the platform across its payments architecture in Japan and Europe, with implementation first commencing five years ago.
“In 2021, we began our ISO 20022 journey with a bold decision to replace the core payment engine with a completely new one,” explains Alla Whitston, Americas CIO at MUFG.
She continues: “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.”
A Finastra statement claims that by now opting to migrate its legacy ACH platform in the US, MUFG is achieving “greater efficiency across domestic and cross-border payments, with Straight Through Processing rates now exceeding 95%”.
The expanded multi-year partnership aligns with MUFG’s broader push toward global standardisation, particularly regarding the transition to ISO 20022.
The bank completed the first live ISO 20022-native payment on the CHIPS network with Crédit Agricole in early 2024, and worked throughout last year to implement an intelligent payments engine across MUFG Investor Services and further automate the selection of payment paths based on cost and settlement speed.
