HP has upgraded its NonStop Payments software with Web-based wire transfer capabilities, using technology from Magnet Communications.
The upgrade will allow commercial banks to significantly streamline high value payments operations. It will also offer corporate customers the ability to initiate both domestic and international wires via the Internet, and to receive confirmations from the bank that these payments have been successfully transmitted, say the companies.
Under the agreement, Magnet will provide HP with a new customer initiation and reporting system created to enable money transfer, system mail and batch interface capabilities for HP's NonStop Payments solution. HP will provide primary support for the new applications, with secondary support provided by Magnet.
In addition to its new wire-room solution, HP will resell Magnet's complete suite of cash management applications, further expanding its portfolio of online products and services for financial institutions.
Chip Greenlee, director of HP's North American financial markets group, says: "Of the approaches we considered for extending the value of NonStop Payments, Magnet's Internet Banking Suite offered the highest functionality in cash management and the best interface into our system. Partnering with Magnet allows us to deliver a scalable solution to meet the wire transfer needs of a wide range of commercial banks, whether they make 750 or 75,000 wires a day."