Broker Processing Service and Arizona Bay team on funds transfer system
Broker Processing Service (BPS) a business processing outsourcer that facilitates Electronic Funds Transfer (EFT) for the financial services industry, today announced a collaborative effort with Arizona Bay to develop the world's first online, same-day funds transfer system for clients and brokers.
0
External
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
When launched, the new platform will handle most documented-party-to-documented-party transactions the same day in which they are executed. Included in this collaborative effort is an equity investment in BPS by Arizona Bay Technology Ventures.
The current offering from BPS provides for one to three day transfer of funds. "This new platform will not only allow brokers and clients to receive funds faster, but it will also facilitate a variety of transactions that often take days to complete," said Andy Quinn, President of BPS. "We choose to partner with Arizona Bay because they have the right people with the right technical abilities to develop and deploy the system with the utmost speed, functionality and security."
"Same day funds transfer for brokers and clients is not a service that most transaction processing companies can offer on a commercial level; there's a largely untapped market with lots of demand and BPS is positioned to take full advantage," said David Graham, managing partner of Arizona Bay LLC. "We are excited to bring our payment processing experience, expertise in security and customer acceptance testing to BPS and develop a solid, same-day, secure transaction platform."