BankServ and Politzer & Haney Team to Provide Internet-based Wire Transfer Services.Business/Technology Editors SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden AND NEWTON, Mass.--(BUSINESS WIRE)--April 23, 2001 BankServ, one of the nation's leading providers of payment services, and Politzer & HANEY, the leading provider of Internet-based business banking systems, together announced today that they have joined forces to provide Web-based automated wire transfer services to banks and corporations. BankServ is one of the country's leading providers of wire transfer outsourcing and licensed software services. Its Global Funds Exchange (GFX GFX Graphic Effect(s) GFX Global Effects GFX Government Furnished Equipment GFX Graphics Driver GFX Graphics Link File GFX Geforce Fx GFX Graphic Effects ) automated wire transfer software solution is currently used by more than 30 banks and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding companies, representing more than 100 U.S. firms, to move $3 billion dollars each day through the Fedwire system. Politzer & HANEY leads the corporate banking marketplace with more than 60 "in production" Internet-based customers deploying their comprehensive suite of cash management products. Politzer & HANEY offers their solution in both an in-house and outsource environment, with roughly two-thirds of their customers opting for the hosting environment See hosted environment. and processing in excess of 1,000,000 payment transactions per month. "BankServ's GFX system is unique in the marketplace and it will greatly enhance our cash management suite," said Robert Joyce, vice president of Politzer & HANEY's Business Development Group. "We see BankServ as a great fit for our clients that are seeking a `best of breed' solution and this alliance will bring an end-to-end wire payment solution that has not previously been available, thereby answering and fulfilling a longstanding need in the corporate marketplace." 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 according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Federal Reserve Bank.* Electronic funds transfers See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. over $10,000 are regulated by the federal Office of Foreign Asset Control (OFAC OFAC Office of Foreign Assets Control (US Treasury) OFAC Ontario Farm Animal Council (Canada) OFAC Olmsted Falls Airport Committee OFAC Organic Fertilizer Association of California ), the U.S. Bank Secrecy Act The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. (BSA 1. BSA - Business Software Alliance. 2. BSA - Bidouilleurs Sans Argent. ) and the Federal Reserve. About Politzer & HANEY Politzer & HANEY is the leading provider of Internet-based corporate banking solutions to the financial services industry. Since establishing its presence in 1983, Politzer & HANEY has pioneered DOS, Windows and Web-based offerings for financial institutions to offer to their corporate clients, allowing them to successfully manage their treasury-related activities. Politzer & HANEY is headquartered in Newton, Mass. Additional information can be found on the Web, at www.ph.com, or by calling 617.796.7700. About BankServ Founded in 1996, BankServ is one of the leading U.S. providers of payment solutions for financial services companies, retailers and online businesses. BankServ is considered a market leader in wire transfer services for financial services companies and for straight-through online electronic payment solutions for Internet businesses. Its suite of online payment services includes direct online account funding through the ACH system, Internet checks, ACH funds transfers, Internet global wire transfers, online credit card processing and numerous authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. and security capabilities. BankServ is headquartered in San Francisco. More information about BankServ can be found online at www.bankserv.com. --http://www.federalreserve.gov/PaymentSystems/FedWire/annual.pdf |
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