Although bank transfers seem like a straightforward process of communication between two institutions on behalf of their clients, the actual navigation of bank wires often include several stops. As such, similar wire transfers may in fact travel through different intermediaries on their way around the world, resulting in different durations and associated costs.
Creating a platform to help banks track the journey of money transfers and monitor reconciliation to optimize the wiring process is Wayerz. A participant in accelerators run by both Citi and Barclays, and leveraging knowledge of banking industry needs from the programs, Wayerz is launching their bank wire optimization platform today as well as announcing a partnership with Barclays.
As the platform goes public, the product includes tools for real-time access to wiring options customized for their wiring and operational needs, taking into consideration speed, cost, risk, restrictions and location. Upon entering details, Wayerz produces an analysis of wiring routes and a recommended wiring method.
By providing optimized navigation routes for financial transfers, Wayerz is aiming to take a page from the Waze book and has presented themselves as the Waze of the banking industry. Similar to Waze, Wayerz is aiming to provide users with an easy way to monitor their routes and according to Wayerz, the result of the platform is increased efficiency of transfers and cheaper transactions for banks.
In addition to their bank wire product, as part of their financial platform, Wayerz is launching a reconciliation solution. Using the product, banks will be able to upload their bank to bank statements. The statements are then analyzed and converted from various languages and currencies to produce a uniform report to track bank to bank interaction.
Commenting on the launch, Menny Shalom, Founder and CEO of Wayerz, stated: “The Correspondent Banking machine circulates roughly $21 trillion annually in wire transfers. We founded Wayerz to help these banks streamline the wire processes, enabling them to save money and improve back-office efficiency”.
Along with their launch, Wayerz also revealed that it was collaborating with Barclays on the creation of a solution for their clients. According to Wayerz, the two firms are working together on processes to help Barclays’ financial institution partners worldwide handle their invoice billions.
Regarding the partnership, Derek White, Chief Digital and Innovation Officer at Barclays, stated: “We are delighted to be working with Wayerz as an extension of their work during the Barclays Accelerator program. We are impressed with the way that they worked during the Accelerator program to develop their billing software, and we are excited to continue working with them to determine what opportunities lie ahead for us both”.