Accounting and Financial Software
Ocean Bank Moves to FEDLINE Direct Gateway to Support its Growing Wire Transfer Business Making its First Payment with Misys ST-Pymnts Solution
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Ocean Bank Moves to FEDLINE Direct Gateway to Support its Growing Wire Transfer Business Making its First Payment With Misys ST-Pymnts Solution
LONDON, July 11 / / - Ocean Bank, the largest independent commercial bank headquartered in
Florida, has completed its first FEDLINE Direct transaction because of the recently implemented integrated payment engine ST-Pymnts from Misys, a global leader in software solutions.
Ocean Bank is expanding its corporate banking business and it was critical to be able to offer its customers a wire transfer service securely and efficiently via FEDLINE Direct, the new IP-based payments interface replacing the Federal Reserve's traditional FEDWIRE SNA-based Interface. The Federal Reserve is encouraging all of its existing FEDWIRE large bank users to move to FEDLINE Direct as part of an efficiency and service improvement program. Ocean Bank has taken the lead as the first user of Misys' ST-Pymnts certified FEDLINE Direct Solution and is one of the first banks nationwide to see the benefits surrounding flexibility, interoperability and payments automation. In the near future Misys will be assisting other users to move to this new interface.
"Our short-term goal is to be the leader in corporate payments in South Florida. We wanted to offer payments services to our customers via the new FEDLINE Direct but needed the right payments processing solution to be able to fulfill that goal. Furthermore FEDLINE Direct is also fully integrated with our Corporate Cash Management system. We are now confident that we will attract new business because of our capability to handle these payments quickly and efficiently for our customers, thanks to Misys," said Alberto L.
Vega, C.P.A., Executive Vice President and Chief Financial Officer of Ocean Bank. "The experience of the team at Misys and the ability of its ST-Pymnts solution to process and manage the rapidly rising volume of transactions with minimal risk were critical to us to move forward with Misys to FEDLINE Direct. We can now focus on expanding the business without scalability or compliance concerns for the foreseeable future," he added.
Ernie Cook, Payments & Compliance Solutions Manager, Misys Banking, adds, "Designed to process and control all wire transfers and messages associated with funds settlement, ST-Pymnts is the ideal solution for banks wanting to grow their payments business with increasing efficiency while minimizing risk. The US market will be seeing more and more banks move to FEDLINE Direct in order to improve their payment services. Our ST-Payments solution is more than capable of meeting this demand and we are delighted that we are bringing real value to Ocean Bank, one of the innovators in the sector. Ocean Bank is now able to provide a better, more secure service to its customers and we look forward to working even more closely with the bank as it realizes their growth plans in the future."
Ocean Bank will continue to benefit from ST-Pymnts integrated OFAC process to complement the bank's secure wire transfer process. It ensures that it meets the requirements of the US Treasury Department's Office of Foreign Asset Control (OFAC). It automatically screens every incoming and outgoing payment transaction for any data relevant to the Treasury Department's list of blocked accounts, and Specially Designated Nationals (SDN).
About Ocean Bank
Celebrating its 25-year-anniversary in 2007, Ocean Bank is the largest independent commercial bank headquartered in the state of Florida, with more than US$5.9 billion in assets and $5 billion in deposits. Chartered in 1982, Ocean Bank operates a network of 21 branches throughout Miami-Dade and Broward counties. Ocean Bank is recognized as a leader in community relations efforts and has received numerous awards from the Greater Miami Chamber of Commerce, the Beacon Council, the March of Dimes and the Florida Department of Education for its efforts in helping our community. For more information about Ocean Bank logon to www.oceanbank.com.
About Misys plc
Misys plc (FTSE: MSY.L), the global software and solutions company, is one of the world's largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries, combining technological expertise with in depth understanding of customers' markets and operational needs. In banking and treasury & capital markets Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare Misys is also a leader, serving more than 110,000 physicians in 18,000 practice locations, 1,200 hospitals and 600 home care providers. Misys employs around 5,500 people who serve customers in more than 120 countries. For more information, visit: www.misys.com
Source: Misys plc
For further information please contact: Edward Taylor, Misys Banking Systems, +44-(0)208-486-1661, edward.taylor@misys.com
