RZB Austria has contracted with Global Payments to use its iGlobal Banker solution as the foundation for a new Web-based payments service for corporate and financial institution customers.
The new system, called RZB F@ST (Financial Accurate and Secure Transactioning) will be offered to banks in emerging markets which do not have Swift access, especially those banks in Central Eastern Europe that have been using telex communication for bank transfers and commercial payments.
The banks will be able to use the platform to send single customer credit transfers, financial institution transfers for their own accounts and general financial institution transfers. Additional features, including confirmations and interim transaction reports, will be added in the future.
By the end of 2001 RZB aims to have 20 banks connected to RZB F@ST, and by the end of 2002 almost 50 banking users. The bank also plans to offer corporate access in 2002.