BankServ Wins Approval for International Money Transfer System
BankServ has announced that it has won approval from SWIFT to be the first US-based financial services company capable of handling both domestic US payments and international money transfers in a single automated service bureau process.
Although a number of the nation's largest financial institutions are currently equipped to process all aspects of international wire transfers, most of the nearly 7,000 regional and community banks in the United States are not. BankServ's GFX TurboSWIFT technology, says Chief Technology Officer Randy Gutierrez, will allow even the smallest banks to move money across borders without the added time and expense of maintaining an account at a larger institution."We are offering a number of the same services traditionally provided by larger banks, but at a fraction of the price. For community and regional banks, this means quick, cost-effective access to the SWIFT network," Gutierrez said. "Even institutions that are already members of SWIFT can make significant savings on operating costs. This system eliminates the need to have extra people and equipment working only on international transfers."
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