Fundtech Ltd., a provider of global transaction banking solutions, announced that it introduced its new version of PAYplus USA known as PAYplus Connect. It targets community banks that require a low volume solution at a low cost. PAYplus Connect will be offered on a SaaS (Software as a Service) basis and will provide community banks with the wire transfer features that large banks have, on an outsourced, pay-per-transaction basis.

PAYplus Connect automates much of the routine work such as account balance verification and OFAC screening which is said to reduce processing time while improving accuracy and risk management. The solution can be quickly integrated with the bank's core processor or in-house operation. Banks pay a small set-up charge, and then pay-per-transaction, making it affordable for banks with very small wire transfer volumes.

Brian Jou, executive vice president at Fundtech, says: “There has never been a more opportune time for community banks to upgrade their wire transfer services. PAYplus Connect is a low-cost way to quickly become more competitive with larger banks, while improving profitability. Fundtech makes it easy, and will provide the support community banks will need to be successful.”