Global financial messaging co-operative SWIFT voted at its June meeting to accept BankServ Inc. as a certified member service bureau.
With the approval, the San Francisco-based financial services company is now capable of handling both domestic US payments and international money transfers from start to finish in a single automated service bureau process.
The SWIFT approval will allow greater access to all aspects of international wire transfers to regional and community banks in the United States through BankServ’s GFX TurboSWIFT technology, says Chief Technology Officer Randy Gutierrez.
“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.”
Effective immediately, institutions eligible for SWIFT membership can sign up to take advantage of BankServ’s GFX TurboSWIFT network to process international transactions. By the end of 2004, according to CEO David F. Kvederis, BankServ will have its system fully open to SWIFT members, throughout the world.