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.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more