Wayerz Touts Wire’s Role In X-Border Payments

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The talk of the town today is how innovative technologies like the blockchain can overhaul the cross-border corporate payments space. But one banking software company sees promise in good-old wires and is rolling out a new solution to demonstrate it.

Wayerz said Thursday (Feb. 11) that it has launched the Global Payments Network (GPN) platform, a way for financial institutions and their corporate clients to track, in real time, their cross-border payments going through wire transfer.

The company compared the new solution to the ability to track a package after it ships. According to reports, the GPN integrates into banks’ existing payment infrastructures and aims to enhance the transparency and predictability of cross-border payments in transit.

The solution also incorporates a way for banks to gain visibility into their clients’ payment activity, a feature that Wayerz said can help other third-party solutions developers to guide the development of their next banking and corporate payments tools.

In a statement, Wayerz CEO Menny Shalom pointed to today’s lack of transparency in international payments carried out by traditional FIs. Much of this can be attributed to the fact that cross-border interbank payments done through wire often involve multiple banks, with the initiating bank often not knowing the exact route through which a payment will pass.

“The lack of transparency in bank-based payments makes both banks and their customers consider alternative solutions,” Shalom said. “With our Global Payments Network, banks and clients will finally gain transparency into their international wire payments by being able to access and monitor their transactions in real time through a central and secure platform.”

The CEO added that the Global Payments Network is a “practical enhancement” to banks’ existing payments services and remains compliant with current regulatory guidelines of the space.