01 September 2014

EastNets partners Aptys for US wire transfer service

14 May 2014  |  822 views  |  0 Source: EastNets

EastNets, a leading global provider of compliance and payments solutions and services for financial institutions and corporates, has announced its partnership with Texas-based Aptys Solutions, a payments network provider for financial institutions (FIs).

This new strategic alliance offers a managed services platform for both domestic and international wire transfers, which provides small to mid-sized FIs a new service which integrates multiple back-office systems and offers a connection to both SWIFT and FedLine Direct networks.

According to EastNets senior executives, one of the key challenges for today's FIs is how complex, time-consuming and costly it is to manage connectivity and workflow to FedLine Direct and SWIFT. There is a high IT cost for maintaining specialized in-house resources, in addition to a fully redundant infrastructure. Any failure in connections or workflows can interrupt the FI's core activities thereby disrupting revenue-generating operations. Looking to address these challenges, the partnership between EastNets and Aptys Solutions has led to the deployment of an integrated wire platform for domestic and international wire processing. In addition, FIs will receive top-quality service-level conditions at a very competitive price, minimizing efforts, investment and time of FIs in migrating to a new wire system and minimizing operation costs.

Hazem Mulhim, CEO and Founder, EastNets, said, "These are very exciting times for today's financial institutions and organizations as the advent of new technologies have played a major role in ensuring seamless transactions. Understanding the key demands of this industry, we have partnered with industry leader Aptys Solutions and have come up with a comprehensive wire transfer system that integrates with FedLine Direct and SWIFT within the US and the rest of the world."

"New compliance regulations are driving the mid to small financial institution market to find better ways to manage their wire service. With the introduction of this integrated platform, FIs will benefit from a user-rich experience that allows them to take advantage of unattended SWIFT and Fed wire processing and lets them reduce operational costs and re-focus on core banking functctions," concluded Eric Dotson, EVP of Sales, Aptys Solutions.

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