NEW YORK, Oct. 28, 2015 /PRNewswire/ -- Wayerz, an integrated software platform that helps banks optimize international wiring, inter-bank billing, reporting and reconciliation solutions, today announced the global availability of its financial platform. Wayerz is also working with Barclays to see how Wayerz's solution can help Barclays further enhance the current process of the invoice billing with Barclays' financial institution partners worldwide.
Wayerz's new platform will provide banks real-time access to wiring options tailored to their unique wire needs and business considerations, such as speed, cost, risk, restrictions and location. Wayerz then provides a detailed analysis of available wiring routes and a recommended wiring method, making these transactions cheaper, more efficient and easier for bankers.
In addition to its wiring navigation solution, Wayerz is also launching an invoice organizing solution. Most large banks typically receive hundreds or thousands of bank-to-bank statements and invoices each month – each with a different language, file format, currency, layout and terms. These disjointed invoices create a complicated and inefficient process for bankers with no way to clearly see the financial status between them and the banks with which they are working. Wayerz's proprietary algorithm analyzes these invoices, converting them into clear, unified and easy-to-read formats using the banks' specific currency. Banks can then match, group and easily keep track of the invoices, allowing them to constantly stay updated on their current financial status with other banks.
"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," said Menny Shalom, Founder and CEO of Wayerz. "Our platform operates as a GPS system for bank wiring and invoice translating, providing financial institutions with a real-time navigation tool that will reduce the cost of wire transfers and boost profitability for banks and their customers."
Wayerz will allow banks to record all their respective bank-to-bank agreements and manage them more efficiently. In addition, the platform enables banks to optimize services provided between other financial institutions, such as cash and nostro account management, automate agent bank billing and reconciliation, and advance correspondent banking analytics and managerial insights.
"We are delighted to be working with Wayerz as an extension of their work during the Barclays Accelerator program," said Derek White, Chief Digital and Innovation Officer, Barclays. "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."
In recognition of its proprietary technology, Wayerz recently won the Shengjing Global Innovation Awards 2015 in Beijing, which recognizes companies that address a clear market opportunity and have a sustainable competitive advantage.
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.