SOURCE: BankServ

April 29, 2008 10:00 ET

BankServ Completes Mandatory FedLine Conversions Eight Months Prior to Federal Reserve Deadline

SAN FRANCISCO, CA--(Marketwire - April 29, 2008) - BankServ (www.bankserv.com), worldwide experts in electronic payments, today announced it has converted all banks using its Fedwire service bureau to the Federal Reserve Bank's new messaging protocol more than eight months ahead of the official deadline. The Fed's new component, WebSphere® MQ software for FedLine Direct Message, takes effect on December 31, and BankServ's Global Funds Exchange (GFX) Service Bureau has converted between two and three banks per week since the change was announced in early 2007.

BankServ began systems development for the FedLine Direct Message conversion in January 2007 and received Federal Reserve certification for its GFX platform only months later. Conversion of BankServ's Service Bureau banks to FedLine Direct Message was commenced shortly thereafter and fully completed by early April 2008.

The Federal Reserve will be ending critical payment services support for the old computer interface system by December 31, 2008, at which time all banks must be converted to FedLine Direct and the new WebSphere® MQ access solution. BankServ's GFX Fedwire payment application was altered to interface with WebSphere® MQ and will now be complete for future versions of GFX software to dynamically handle sequencing issues of all kinds such as automated sequence gap analysis and message retrieval as a standard configuration option.

While providing conversion support to Service Bureau members, BankServ also continues to assist GFX license customers with the MQ conversion. "BankServ did a wonderful job on the install of the MQ software on all three of our bank's GFX servers," commented David Nandell of Federal Home Loan Bank of Des Moines (FHLB). "The conversion process was relatively seamless and looks to have been completed successfully as a result. It is nice to continue work with a vendor like BankServ that has both technical expertise and professionalism."

"BankServ's GFX Service Bureau works diligently to stay up-to-date with all Federal Reserve requirements, ensuring all of our Service Bureau banks are getting the industry's best available connectivity to the Fedwire network," said Dennis Mierzwa, Vice President of Wire Services, BankServ. "We are proud that our team was able to convert all current customers in such a short time frame while also bringing on brand-new institutions to our MQ-ready Service Bureau."

About BankServ

Since 1996, BankServ has been developing and delivering electronic payments technology for financial institutions across the globe, including systems for Fedwire, SWIFT, online payments and Check 21. BankServ, the largest Federal Reserve approved Fedwire vendor, currently has over 100 bank holding companies, credit unions, and other financial institutions in the United States using Global Funds Exchange. More information about privately held BankServ can be found at www.bankserv.com.

Contact Information

  • Public Relations Department
    333 Bush Street
    Suite 2600
    San Francisco, CA 94104
    tel/ 415-277-9900
    fax/ 415-277-9904
    www.bankserv.com