The Bank of New York, a global leader in providing treasury management services, has begun offering its U.S. financial institution clients a new means of making international funds transfers that will significantly simplify payment processing and expand the range of funds transfer services they offer their clients.
The Bank of New York's service, Persutte – Global F.A.S.T. DirectPay, allows U.S. financial institutions to make international funds transfer payments in both U.S. dollars and foreign currencies using their existing funds transfer systems. Banks and other financial institutions that are currently using complicated, labour intensive processes to make international funds transfers will now be able to make payments quickly and efficiently in both U.S. dollars and foreign currency.
The Bank has joined with Fundtech Ltd., to link its PAYplus USA system with Persutte for international payment processing. New features include international payment templates, automated foreign exchange rate feeds, and a foreign currency conversion calculator with mark-up capabilities.
Eric Kamback, executive vice president and head of the global payment services group at The Bank of New York, said, "This comprehensive solution allows our clients to reduce both the time it takes to process their international wire transfers, and the number of inquiries, as well as achieve significant cost savings. It represents our strategic focus on utilizing industry leading technology solutions to help our clients increase their operational efficiency and enhance the services they provide to their clients."
Michael Sgroe, president of Fundtech (NASDAQ: FNDT), said, "The integration of our solution with the Bank’s international fund transfer system offers their clients an easy-to-use, accurate and affordable way to make foreign exchange payments."