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BankServ upgrades Web-based FX system

03 December 2009  |  3058 views  |  0 Source: BankServ

BankServ today announced GFXWeb 2.3, a new browser-based system that financial institutions can use to execute both real-time foreign exchange (FX) and domestic Fedwire payments.

The addition of FX capability represents a major enhancement to BankServ's popular Global Funds Exchange(TM) (GFX) Web, an existing Web-based Fedwire tool in use by banks across the U.S. Both GFX2.3 and the original GFXWeb are used by banks to give remote wire initiation capability to their branches, internal departments and corporate customers.

Banks using GFXWeb 2.3 will realize greater precision in foreign exchange transactions as individual branches and customers gain the ability to request and receive real-time FX quotes, as well as the choice to accept or decline a quote before completing a payment. "Switching to a Web-based platform has proven a major upgrade for many banks", says Dennis Mierzwa, Vice President of BankServ's wire division, "because it allows both information and a bank's overall wire operations workload to be distributed much more freely than in a traditional centralized wire room."

"The enhanced GFXWeb product is a great solution for banks with clients and branches in remote locations that need the capability to make both domestic and foreign transfers," Mierzwa said. "Financial institutions can now provide their branches, remote users and corporate customers with the ability to connect directly to their bank's wire transfer system and enter wire transfer data without installing principal software on their computer. Opening the door to foreign transfers has even further increased the versatility of our Web capability."

GFXWeb is designed to seamlessly integrate with a bank's wire services unit, supplementing existing cash management systems and offering rebranding or white labelling options to blend into a bank's own Web site. BankServ's software combines multi-factor and hard-token authentication, to create a secure funds transfer environment for remote access.

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