Wachovia has licensed OmniPay, Fundtech's payments hub system, to simplify the way it processes low value international payments.
Wachovia says it will use the technology to offer its corporate clients tailored payments services that integrate more closely with their enterprise resource planning (ERP) systems. Acting as a payments hub, the system is able to process a variety of international cross-border mixed payments files and route them through existing bank systems to be cleared globally.
"As competition for global corporate banking services intensifies, OmniPAY allows Wachovia to offer our corporate clients more flexible and convenient ways to initiate and receive low value international payments," says Ann Givens, international business manager with Wachovia’s treasury services division.