Nymbol Technology, developer of straight-through processing software for financial institutions offering correspondent banking services, central banks, securities broker-dealers and other organizations with fixed-income investment portfolios, today announced its new automated wire transfer software.
Unlike competing wire transfer software that requires two or more points of manual input to complete the transaction, Nymbol’s technology only requires a single point of input, reducing delivery and personnel costs. The software also allows customers and branch personnel to input the data once and process the wires straight through the Federal Reserve, including automated Office of Foreign Assets Control (OFAC) scanning. It also creates general ledger entries, posts the entries back to the originator’s account and sends an email notification to the sender which requires no manual interaction during the process. This added functionality not only means faster processing and confirmation of wires, but helps eliminate the potential for processing errors and reduces staffing needs.
“We are excited about the launch of our new wire transfer solution for credit unions, community banks and financial institutions of all sizes,” said Tom Bryan, chief executive officer of Nymbol Technology. “No other company can match the increased cost savings, efficiency and risk management features provided by our software. Our product serves as a true differentiator for financial institutions that are serious about minimizing delivery costs and bolstering profitability.”
Additionally, the software provides users with local security administration features, which allow for individual dollar amount and task-specific access to approve wire transfers and review OFAC results. The software’s unmatched security administration functionality lets financial institutions extend wire transfer instruction input to end customers. This feature is a substantial differentiator from competing software providers and is only available from Nymbol. Further, the software allows institutions that offer international wire transfers to hold the transactions, per new consumer protection regulations.
About Nymbol Technology
Headquartered in Atlanta, Nymbol Technology develops and markets integrated straight-through processing software for securities brokers and dealers, financial institutions offering correspondent banking services and central banks. Each Nymbol product is licensed directly to customers or delivered as software as a service (SaaS) and can be implemented one module at a time. Nymbol’s web-based products are fully automated and deliver the highest level of customer service with the lowest operating and staffing costs. For more information, visit:www.nymboltec.com.
