NEW YORK, Nov. 19, 2015 /PRNewswire/ -- Wayerz, an integrated software platform that helps banks optimize international wiring, inter-bank billing, reporting and reconciliation solutions, today announced it has integrated several of Cisco's solutions into its correspondent banking platform, including instant messaging, real-time video conferencing, remote access and screen sharing. Cisco's solutions will allow banks to store and access their bank-to-bank conversations in one streamlined, secure place while providing new avenues for ongoing communication. Wayerz's platform, including Cisco's solutions, is available to banks worldwide.
The announcement is made on the heels of Barclays' Fintech Accelerator Demo Days in New York, where Cisco provided Wayerz – and other participating companies – several of its communication software tools for free. Wayerz is the first company to integrate Cisco's solutions for bank-to-bank communication.
With the integration, Wayerz's bank partners will now be able to instant message, video chat and screen share with one another and the Wayerz support team – all within Cisco's completely secure cloud. They can also access and track and record all of their conversations with other banks using Cisco's Ecosystem and partners. Banks can then access past conversations, retrieve data and review details at any time, allowing them to conduct and organize their bank-to-bank communications easier and more securely.
"Wayerz is enabling a whole new class of capabilities and experiences for bank-to-bank communication with the help of Cisco's solution," said Aron Dutta, Co-Leader of the New Frontiers Team at Cisco. "Cisco is glad to be a part of the future of banking communication, which is more secure, fast and convenient than ever before."
"I am glad of the collaboration with this innovative Israeli start-up, operating in one of the most fascinating areas of bank-to-bank communication. The combination of Israeli innovation with global experience, knowledge and advanced capabilities of Cisco brings to the world of banking a solution enabling consistent communications with a high level of security, while improving business capabilities," said Oren Sagi, GM of Cisco Israel.
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.
In conjunction with its Cisco integration, Wayerz is partnering with banks from around the world to integrate Wayerz's platform into their existing correspondent banking departments. Barclays' correspondent banking billing platform, developed by Wayerz for Barclays' financial institution team, is one of them. Banks are using Wayerz's solutions to record all their bank-to-bank agreements and manage them efficiently; optimize the services provided between banks – including cash management, custodian, nostro account management and more; automate agent bank billing and reconciliation and advance correspondent banking analytics and managerial insights. This enables the bank to streamline many of their correspondent banking activities, to reduce many of their direct cost and overhead and increase their FI team's productivity.
"We know the challenges banks face trying to seamlessly and securely communicate with one another, whether domestically or across the globe," said Menny Shalom, Founder and CEO of Wayerz. "Our partnership with Cisco will provide our partners a simple, more secure communication platform that integrates effortlessly into their existing operations."
Wayerz [TLV, NYC, London] provides an integrated platform that optimizes correspondent banking activities, including bank-to-bank agreements and rate cards management, international wiring optimization, simplifies bank billing processes and improves bank-to-bank productivity, communication and transparency. By tracking global wiring schedules and statistics in real time, the technology enables banks and their corporate clients to choose the optimum route for every wire. Its proprietary algorithm analyzes all the invoices banks receive and converts them into clear, unified and easy-to-read formats. Wayerz solutions are available via traditional software licenses or via Software-as-a-Service (SaaS) contracts. For more information, visit http://www.wayerz.com.
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