Automated Financial Systems has launched a 'Payments Subscriptions Service' portal designed to furnish banks with data on regulatory changes affecting cost, competition, pricing and risk in the US payments business.
AFS says the Web-based service will act as a single-source gateway to pricing and servicing schedules from the Federal Reserve, correspondent banks, transportation providers, and lockbox processors. The vendor says it will supplement the raw data with commentary, analysis, and benchmarking to assist subscribers in the their effort to track and minimise the risk and cost of these changes.
John Shain, president of AFS, says: "In this post-Enron/Basel II era, banks must be able to demonstrate their ability to identify, measure, monitor, control and predict operational risk in the rendering of payments products and services. With our new service, clients will gain a thorough understanding of the cost dimensions of operational risk as well as its inter-relationships with key elements of product and customer contribution."
Subscription charges have not been disclosed.