Cross-border payments technology provider AscendantFX is bolstering its offering for financial institutions (FIs) through an integration with WireXchange, the wire transfer service operated by Fiserv.
In a press release Tuesday (Oct. 2), the companies announced that a recently developed API module will support the integration, which was developed for FIs across North America.
“Our success, as an organization, is built on our international payments expertise in the world of corporate and financial institutions payments,” AscendantFX’s global payments solutions vice president, Dan Caputo, said.
The API module was developed in collaboration with Bankers’ Bank, which partnered with AscendantFX to enhance the efficiency of its cross-border correspondent banking services.
The integration follows ongoing change in the payments landscape, leading banks to demand more agile, efficient payment services. Financial institution clients are assigned a single specialist from AscendantFX to support the integration and deployment of the cross-border payments solution, which includes automated analytics to detect potential fraud and mitigate vendor risk.
“In a digital world, where changes present opportunity, driving innovation requires providing technology solutions that are in-step with the way people live and work today,” said Fiserv director of operations management Bailey Nelson. “Financial institutions are increasingly focused on providing a simple and secure customer experience, and improving the transcript movement of electronic money globally is another way to enhance that experience.”
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The Fiserv integration follows last year’s launch of AscendantFX’s mobile B2B payments app, APay Mobile, which allows professionals to initiate and approve payments from their mobile device. The app also provides insight into payments activity and notifications.
More recently, Fiserv announced that it had patched security weaknesses in its online platform.
