Large-value payments network Chips is looking to extend its reach to smaller US banks through an interface agreement with payments outfit IntraNet.
The new interface will improve a financial institution's business case for Chips by eliminating the need for expensive custom software development, says Paul Morris InraNet SVP.
Hank Farrar, senior vicepPresident of The Clearing House Payments Company responsible for Chips concurs: "Until now, accessing Chips has required an expensive software solution developed in-house or by a third-party funds transfer software developer, which proved to be a significant start-up barrier for US financial institutions with low wire transfer volume."
The agreement also opens opportunities for Chips to tap in to IntraNet's large installed base of customers, he adds.
Says IntraNet's Moris: "This release provides banks that have been thinking about joining Chips with a very cost effective entry level solution."