On the Money Newsletter: Autumn 2006
100th Bank Signs Up For GFX Wire System
BankServ is pleased to announce that it has surpassed the 100-customer mark for its Global Funds Exchange (GFX) system for Fedwire, foreign exchange and National Book Entry Securities system transactions.
In August, the Bank of Guam became the 100th bank to sign up for GFX, with implementation taking place this winter. Over the past two years, BankServ has experienced record growth in its wire department, signing GFX contracts with 18 new banks in 2005 and 19 more through September of this year.
Reaching the milestone was a result not only of the recent rapid growth, but also of its appeal to a new kind of customer, said Ken Short, manager of development for wire transfer services. "In the past 18 months, we've signed a lot of deals with banks that process maybe 75 or 100 wires a day, instead of a few hundred," Short said. "Smaller banks are realizing that GFX can make their wire rooms more efficient, and they're going automated too."
The most recent version of BankServ's wire transfer system, GFX 2.10, made its debut in October 2005 and included a foreign exchange module for the first time. Currently, 36 client banks are running or testing GFX 2.10, of which 23 have also signed up to use the foreign exchange capability.