US-based Bankers’ Bank has signed an agreement to deploy Aptys Solutions’ PayLOGICS to automate wire service for customers.
Under the agreement, Bankers’ Bank will implement Aptys’ PayLOGICS Originator and Exchange modules to provide community banks with cloud-based, real-time, end-to-end solution integrated into Fedwire Funds Service through FedLine Direct for originating and processing wires.
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According to Aptys, the solution will allow community banks to offer the same level of service to their customers as any other bank in the country, and without the burden of implementing and supporting a solution in-house.
The PayLOGICS Wire Originator (WO) module will allow bankers to manage wire payments origination and will offer user-interface and entitlement structure for originating wire transactions.
Aptys said that Wire Exchange (WE) was integrated into the core system to perform funds verification and posting transactions. Additionally, it was integrated into the Fedwire Funds Service through FedLine Direct to automate the movement of wires to and from the Federal Reserve Bank.
Bankers’ Bank president and CEO, Thomas Papenthien, said: "Adding end-to-end, real-time wire processing is part of an ongoing transformation to FIRE, our banks payment system. The goal is to make our community bank customers competitive with any bank in the market."
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