Wall Street Systems Inc., a provider of global treasury and capital markets solutions, will launch its new platform for outsourced payments processing at Sibos 2004 in Atlanta, Georgia, which takes place 11-15 October. In addition, Wall Street Systems will be showcasing new functionality for the US regional banking market.
The new payments solution enables banks to obtain outsourcing business for corporates, where the corporates are looking to outsource and centralize their accounts payable processing. Already in use by a major Tier 1 bank, according to Wall Street Systems, the solution uses architecture and grid computing techniques to offer scalable, flexible and easily integrated payments processing. The new solution is based on the cash management and commercial payments functionality of The Wall Street System treasury and capital markets solution, which has been implemented by many of the world’s largest corporations including Procter & Gamble, Ford, Dow Chemicals and Hewlett-Packard.
With the new payments platform, banks can support multiple clients on a single system and the solution can be configured to meet the needs of individual corporate structures which will typically consist of hundreds of different entities. it has the scalability to handle Tier 1 transaction volumes. The banks’ clients can manage all their in-house and external banking activity through a single web-based interface.
The payments solution provides security and audit features, which are of paramount importance to banks when offering the service to external clients. A key component of the new platform is The Wall Street Systems Payment Factory, a rules engine that allows clients to save on transaction costs by converting cross-border wire transfers to cheaper local or cost free internal payments.
At Sibos 2004, Wall Street Systems will also be showcasing its solution for US regional banks. The system can support a bank’s asset class coverage including FX, Fixed Income, Interest Rates and Derivatives and equips banks to offer a unique web interface to their customers, with full operational integration into the STP environment.