The payments software company Fundtech Ltd. said that AgriBank FCB was its first client to use its software to connect to the Federal Reserve banks' FedLine Direct access system in production.
The Jersey City vendor announced the move last week and said it was one of the first companies to meet the Fed's requirements for the FedLine system.
The Fed has been phasing out the legacy direct connection large banks use to access its payments systems in favor of one that uses Internet Protocol. International Business Machines Corp. introduced the existing format, System Network Architecture, in 1974.
The Fed said this month that it plans to shut down the older platform in mid-2009, though it expects most current users to shift to the new one by the end of next year.
