To streamline straight-through processing of wires for the more than 800 community banks it services nationwide, Bankers' Bank has implemented the wire origination and exchange modules of PayLogics, the industry's only payments platform that provides end-to-end functionality for all aspects of payments in one system.
By implementing Aptys' PayLOGICS Originator and Exchange modules, Bankers' Bank offers community banks a cloud-based, real-time, end-to-end solution integrated into Fedwire® Funds Service via FedLine Direct® for originating and processing wires. What's more, this solution allows community banks to offer the same level of service to their customers as any other bank in the country at a fraction of the cost, and without the burden of implementing and supporting a solution in-house.
The PayLOGICS Wire Originator (WO) module provides bankers an effortless tool for managing wire payments origination. WO offers a sophisticated user-interface and entitlement structure for originating wire transactions while simplifying the management required for compliance and risk associated with origination.
Users appreciate the ability to:
- Ensure dual control throughout the wire creation process
- Automate alert notifications
- Control access and dollar limits
- Easily manage wire templates—simplifying repetitive wires for customers
- Integrate OFAC into the system for reliable transaction review and compliance
While WO provides Bankers' Bank's customers an effortless way to manage transaction creation, Wire Exchange (WE) streamlines the back office work for Bankers' Bank. WE was integrated into the core system to perform funds verification and posting transactions and then also to the Fedwire® Funds Service via FedLine Direct® to automate the movement of wires to and from the Federal Reserve Bank. One of the exceptional features is the online, real-time reconciliation option. This tool allows a banker to quickly follow the flow of work in and out of the system, where it went, what has been posted, and if anything is still pending and awaiting administrative action.
According to Thomas Papenthien, President and CEO of Bankers' Bank, "The reaction from customers has been overwhelmingly positive. Adding end-to-end, real-time wire processing is part of an ongoing transformation to FIRE, our banks payment system. The goal is to make our community bank customers competitive with any bank in the market."
"PayLOGICS has now become the ONE system for all of our customers' payment needs. One system for setting up customer information. One system to integrate with multi-factor authentication. One system for originating payments. One system for processing payments.
ONE system, end-to-end. No other system is needed. We continue to drive out the cost of operation for our customers and lower the cost of delivering a superior solution. It increases margins for our customers and they are more competitive in the market because of it," said Eric Dotson, executive vice president of Aptys Solutions.