Bank transfer optimization firm, Wayerz, has announced today that they have partnered with Cisco to add real time chat, video conferencing and remote access services for their platform. Providing services for banks and merchants to review the status of their bank transfers as well as to customize the best intermediaries for the wire to travel, Wayerz is adding the services from Cisco to enhance the communication abilities of platform users.
An example of an expected user are banks contacting each other about the current status of a transfer. For banks, the platform provides storing of communications which is important for satisfying compliance requirements. According to Wayerz, the firm is the first to integrate Cisco’s solution for bank to bank communications, with the messaging product operating within Cisco’s secure cloud.
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Aron Dutta, Co-Leader of the New Frontiers Team at Cisco commented on the integrations: “Wayerz is enabling a whole new class of capabilities and experiences for bank-to-bank communication with the help of Cisco’s solution. Cisco is glad to be a part of the future of banking communication, which is more secure, fast and convenient than ever before.”
Correspondent banking groups all relationships and financial services that are offered, provided and executed by banks – to other banks. That includes cash management, securities and custodian, trade finance and forex. Top 25 correspondent banks reports reveal that their total revenue from their correspondent banking activities are $10bn annually.
With regard to partnering with Cisco as well as disclosing that their platform has begun to be further used by Barclays and other banks for their bank transfer needs, Menny Shalom, Founder and CEO of Wayerz, stated: “We know the challenges banks face trying to seamlessly and securely communicate with one another, whether domestically or across the globe. Our partnership with Cisco will provide our partners a simple, more secure communication platform that integrates effortlessly into their existing operations.”