Outsourced Payments Platform Launched by Wall Street Systems; CLS Product Updated
Wall Street Systems have launched an outsourced payments processing platform. The product is specifically designed to enable banks to improve and increase the range of outsourced payments services they can offer corporate clients. The system enables banks to obtain outsourcing business for corporates, where the corporates are looking to outsource and centralize their accounts payable processing. The platform is already in use by a major Tier 1 bank, Wall Street said. With the new platform, Wall Street believe banks can support multiple clients on a single system, which means minimal operational and infrastructure costs. The company has also updated its Continuous Linked Settlement (CLS) solution with a number of enhancements. These include support of the settlement of custody transactions with fund managers, which allows the appropriate transaction details to be populated in the confirmation; as well as the development of interfaces with some of the largest providers of third-party services to provide a more complete STP service. Hewlett-Packard will be the first corporate to go live on CLS with Wall Street Systems in November 2004.