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.