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.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha