IRWINDALE, Calif. - Home Savings of America has joined a small but growing list of institutions using a client/server-based funds transfer system from Fundtech Corp.
The new system, called Fedplus, allows the H.F. Ahmanson & Co. unit to integrate several of its Fedline terminals into a single application for funds transfers.
Fedline, a communications network that links institutions to the Federal Reserve, is used to initiate electronic funds transfers. It is used by many community banks as their direct connection to the Fed.
It has data entry capabilities that can support automated clearing house transactions, Fedwire funds transfers, and Treasury securities transfers.
Ray Butner, a senior vice president with the bank, said the system will improve the bank's control, compliance, and record-keeping abilities in money movement.
He also expects the bank to "experience productivity gains, allowing us to do more with less people."
Officials said Home Savings executes between 400 and 500 transactions daily.
The Windows-based system was developed last year for small and midsize banks that may lack the volume to justify buying large, more sophisticated systems.
"The whole idea is to consolidate all of these Fedline terminals into one system," said Ariu Levi, president of San Francisco-based Fundtech, "Fedplus has the capability to send a message to multiple districts."
Mr. Levi said the system automates the sending and receiving of wire transfer advices through the fax machine, which can be done directly with a customer, or with the customer's bank.
CVB Financial Corp, Ontario, Calif., tested the system in November of last year. Fundtech has since signed 14 bank customers. It will soon open an office in Chicago.