Wachovia executives expect the companies recent licensing of OmniPAY to reduce operating costs, by simplifying the way it processes international payments.
Provided by Fundtech Ltd, the corporate banking software will help Wachovia tailor payment services for its corporate clients and allow international cross-border mixed payments to be cleared through existing global bank systems.
“As competition for global corporate banking services intensifies, OmniPAY allows Wachovia to offer our corporate clients more flexible and convenient ways to initiate and receive low value international payments,” said Ann Givens, international business manager with Wachovia’s treasury services division.
Michael Sgroe, president and COO of Fundtech, predicts the new system will allow Wachovia to “offer significant flexibility in payment services,” without major changes to existing systems.