April 08, 2009

Fundtech (Jersey City, N.J.) has introduced a new wire-transfer system designed for community banks, PAYplus Connect. This is a version of the company's PAYplus USA that is built for smaller banks that require a low volume solution at a lower cost.

PAYplus Connect provides community banks with the wire transfer features that large banks have, on an outsourced, pay-per-transaction (SaaS) basis. Fundtech says PAYplus USA's automation will provide greater speed and accuracy while helping community banks become more competitive with service-fee opportunities.

The product is designed to automate tasks such as account balance verification and OFAC screening to help reduce processing time and improve accuracy and risk management. PAYplus Connect also sports enhanced customer-facing features such as automated advices for incoming and outgoing wires, automated activity reports, late day cut-off times, and balance alerts.