Eiger Systems has announced that its Bank Wizard and Biller Wizard solutions have been enhanced to support banks implementing the UK Faster Payments initiative, which is designed to deliver same day clearing for electronic payments.
The new service will be introduced into the UK by the end of November 2007 and will be delivered through a joint venture between LINK Interchange Network Limited and Voca Limited.
“By using Bank Wizard, banks will be able to realise the full benefits of Faster Payments, including increased STP rates, which will ultimately deliver them a competitive edge in the provision of payment services,” says Matthew Croxford, Business Product Manager of Eiger Systems. “Bank Wizard achieves this by offering a more comprehensive solution that includes the incorporation of transposition and modulus rules, actively researched data, exceeding that which is publicly available, and automated weekly data updates.”