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.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.