Fundtech Ltd., a transaction banking applications, introduces PAYplus Connect, a version of PAYplus USA designed for community banks that require a low volume application at a low cost. Offered on a SaaS (Software as a Service) basis, PAYplus Connect provides community banks with the wire transfer features that large banks have, on an outsourced, pay-per-transaction basis.
At a time when community banks have a unique opportunity to expand their business banking customer base due to the crisis that has weakened many larger banks, Fundtech is offering community banks affordable access to the nation’s best-selling wire transfer system. PAYplus USA’s automation will provide greater speed and accuracy, while its extensive customer-facing features will make community banks more competitive and offer them new service-fee opportunities.
PAYplus Connect is operated by Fundtech in its service bureau located near Atlanta, and can be quickly integrated with the bank’s core processor or in-house operation. Banks pay a small set-up charge, and then pay-per-transaction, making it affordable for banks with very small wire transfer volumes.
With PAYplus Connect community banks will automate many of the labor-intensive tasks such as account balance verification and OFAC screening, reducing processing time while improving accuracy and risk management.
Enhanced customer-facing features such as automated advices for income and outgoing wires, automated activity reports, late day cut-off times, and balance alerts make community banks more competitive with larger commercial banks, and offer new revenue opportunities.
PAYplus Connect offers a low total cost of ownership and most banks will realize a positive return on investment when they switch from FedLine Advantage*.
“There has never been a more opportune time for community banks to upgrade their wire transfer services,” says Brian Jou, executive vice president at Fundtech. “PAYplus Connect is a low-cost way to quickly become more competitive with larger banks, while improving profitability. Fundtech makes it easy, and will provide the support community banks will need to be successful.”
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