US bank Wells Fargo has installed a Java-based net settlement system (NSS) from Ohio-based Synoran to manage settlement of digital payments.
Operating on an Oracle Linux platform, Synoran's NSS will enable the bank to create an intraday view of net positions for its line of businesses, correspondent banks, merchants, and other financial service providers.
The system will enable Wells Fargo to settle multiple payment types, including cheque images and image replacement documents (IRDs). The system will also monitor and report on compliance requirements.
The bank will also be able to establish the settlement foundation for new shared services, such as image assurance, identity authentication, funds verification, multi-currency exchange, archiving and retrieval.
Webb Edwards, president of Wells Fargo Services, says the need for new net settlement capabilities associated with digital payments and information exchange is significant: "Now we can better drive internal operational efficiencies and are able to provide new payment services."
Installation and user testing of the system has been completed.