23 October 2017
visit www.avoka.com

Wayerz launches wire transfer tracking platform

11 February 2016  |  2486 views  |  0 Source: Wayerz

Wayerz, an integrated software platform that digitizes bank-to-bank relationships and helps banks optimize international wiring, inter-bank billing, reporting and reconciliation solutions, today announced the launch of the Global Payments Network (GPN).

Through the GPN platform, financial institutions and their enterprise clients can easily track international wire payments and receive real-time status notifications, similar to tracking a package in the mail.

The GPN platform integrates directly with banks' current payment solutions to create a more comprehensible, transparent and predictable payment process without having to replace current platforms or wait years for new solutions to be adopted in the market. It also provides digital tools to analyze customers' payment activity, so third-party developers can integrate and develop their own tools with this information and offer those tools to banks and their business clients.

"The lack of transparency in bank-based payments makes both banks and their customers consider alternative solutions," said Menny Shalom, CEO of Wayerz. "With our Global Payments Network, banks and clients will finally gain transparency into their international wire payments by being able to access and monitor their transactions in real-time through a central and secure platform. We're providing banks with a practical enhancement to simplify their clients' payment processes while meeting the strict banking guidelines of regulation, security and confidentially."

International bank wiring has traditionally been an unpredictable and expensive process, oftentimes involving multiple financial institutions. In many cases, even the original bank transferring a payment does not know the route of the transfer in advance, so it cannot provide an accurate time and cost estimate. One bank transfers money to another, which transfers to another, and so on. Each bank keeps track of its own ledger, and when a payment clears from one bank, the next financial institution can add it to its ledger and continue the process, with each step extending the route and adding more fees. If any problems occur along the way, banks must chase a never-ending trail of different currencies, regulations and fees to locate and solve the issue. Until now, there was no way to know how long an international wire transfer would take to clear and how much it would eventually cost the original bank.

Although having a substantial role in international commerce and global activity, international payments have notoriously lagged behind other organizations in the booming FinTech industry. Several platforms now offer immediate and transparent international fund settlements for people and corporations. These platforms are a market risk to banks and a reason why banks need to embrace these new technologies as to not lose customers. Wayerz's solutions help banks remain the leader in processing international payments by lowering fees, shortening processing times and providing clients with tools to better manage, forecast and monitor their payments.

The GPN global central payment ledger is for all banks and their enterprise clients. Instead of chasing after one another like they currently have to do, GPN allows participants to access and monitor one global source of reliable real-time information, easing the interactions between financial institutions and their clients. The platform, while completely secure, allows every bank and client to access data specifically relevant to them.

Launched in 2014, Wayerz provides banks with a suite of tools to optimize their correspondent banking relationships and activities. Its platform boosts banks' productivity in processing bank-to-bank onboarding, including automating KYC and AML procedures and digitizing incoming and outgoing FI billing for different bank-to-bank services like cash and payments, securities and custodian, and forex and trade finance. Its wire optimization module allows real-time access to wiring options tailored to their unique wire needs and business considerations, such as speed, cost, risk, restrictions and location. It then provides a detailed analysis of available wiring routes and a recommended wiring method, making these transactions cheaper, more efficient and easier for bankers. Wayerz recently partnered with Cisco Solutions to enhance bank-to-bank communication through a secure global cloud provided by Cisco.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comRegister nowvisit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
16694 views comments | 19 tweets | 33 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14137 views comments | 22 tweets | 28 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10405 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10090 views comments | 13 tweets | 10 linkedin

Featured job

Find your next job