More NewsBankserv and Politzer & Haney to Provide Internet-Based Wire Transfer Services

Bankserv and Politzer & Haney to Provide Internet-Based Wire Transfer Services

BankServ, a provider of payment services, and Politzer & HANEY, a provider of Internet-based business banking systems, announced that they have joined to provide Web-based automated wire transfer services to banks and corporations. Mike Dionne, vice president and general manager of BankServ’s wire transfer services, said that wire transfers are a critical function for most financial institutions, but automating the screening process for wire transfers required by federal regulations is complex. ‘Wire transfers are final, and irrevocable,’ said Dionne. ‘They have to be done correctly and securely the first time. Banks especially want a secure, reliable, scalable, cost-effective and easy-to-use automated wire transfer system, and more of them are asking for Web-enabled systems.’ U.S. financial institutions execute $380 trillion of wire transfers over Fedwire annually, according to the Federal Reserve Bank. Electronic funds transfers over $10,000 are regulated by the federal Office of Foreign Asset Control (OFAC), the U.S. Bank Secrecy Act (BSA) and the Federal Reserve.

Comments are closed.

Subscribe to get your daily business insights

Whitepapers & Resources

2021 Transaction Banking Services Survey
Banking

2021 Transaction Banking Services Survey

2y
CGI Transaction Banking Survey 2020

CGI Transaction Banking Survey 2020

4y
TIS Sanction Screening Survey Report
Payments

TIS Sanction Screening Survey Report

5y
Enhancing your strategic position: Digitalization in Treasury
Payments

Enhancing your strategic position: Digitalization in Treasury

5y
Netting: An Immersive Guide to Global Reconciliation

Netting: An Immersive Guide to Global Reconciliation

5y