Management Technologies Inc. has introduced PC-based software that corporate banking customers can use to authorize payments via the Chips, Fed Wire, and Swift networks.
The software, called Customer Payment System, will also handle book transfers, standing orders, and the generation of checks.
Management Technologies is a New York-based technology firm that also sells systems for trade finance, wholesale banking, and trading functions.
To Improve Speed, Accuracy
Customer Payment System has been designed to speed up the transaction authorization process and to reduce the possibility of error when payment authorizations are being routed between clerks.
"Corporations traditionally call or telex large wire transaction orders to their banks," said Barry Fludgate, Management Technologies' chief executive officer.
"Sometimes, numbers get written down incorrectly, or the instructions aren't clear," so processing or settlement problems arise, he said.
Customer Payment System can also be programmed to handle repetitive payments. For example, if a corporate customer has to make a large wire transfer to another corporation on the 15th of every month, the system can be programmed to inform the bank of this requirement.
In addition, Customer Service Payment System can enable corporations and banks doing business in other time zones to make transfer requests to their banks in New York at any time, day or night.
Customer Payment System isn't limited to use by corporations, Mr. Fludgate said. Banks can also use it internally to initiate transfers between branches or bank affiliates.
A PC-based system is more secure than telex or telephone communication, Mr. Fludgate said. Security parameters at the customer site are built into the system, and all users are required to sign on with a designated access codes.
In addition, data is encrypted on a file maintained on the personal computer at the customer site in order to protect the information's integrity throughout transmission.
The bank's personal computer deciphers the data when interfacing with the host system.
Ms. Sullivan is a freelance writer based in New York.