PARAMUS, N.J. - Midland Bancorp., a $413 million-asset bank based here, has announced plans to install a Windows-based funds transfer system from Fundtech Corp.
The system, called Fedplus, is based on client/server technology. It uses local and wide-area networks and a relational data base to enable the bank's 13 branches to handle Fed Wire funds transfers.
Midland handles 40 to 50 wire transfers a day for its commercial customers.
The new system, which includes software and hardware, interfaces with Fedline, the Federal Reserve's communication service, to give banks real- time updates and information about transactions without the need to reformat and rekey the information.
"Our customers will know immediately when wire funds are received and available to them," said Emily Steere, vice president and treasurer with Midland.
"This will allow us to handle more money desk business without increasing staff," she added. "The old manual funds transfer service leaves much to be desired."