Internet-based business banking systems provider Politzer & Haney has joined forces with payments outfit BankServ to provide Web-based automated wire transfer services to financial institutions.
According to Mike Dionne, vice president and general manager of BankServ's wire transfer services, wire transfers are a critical function for most financial institutions, but automating the screening process required by federal regulations is complex.
"Wire transfers are final, and irrevocable," he says. "They have to be done correctly and securely the first time. Banks especially want a secure, reliable, scalable, cost-effective and easy-to-use automated wire transfer system, and more of them are asking for Web-enabled systems."
BankServ's Global Funds Exchange (GFX) automated wire transfer software solution is currently used by more than 30 banks and financial services holding companies to move $3 billion dollars each day through the Fedwire system.
Robert Joyce, vice president of Politzer & Haney's business development group says the alliance will offer cash managers an end-to-end wire payment solution that has not previously been available.