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WireFX and Stearns Bank Announce Partnership to Enable Cross-Border Payments

September 13, 2022, 07:00 AM
Filed Under: Banking News

WireFX, a Minnesota-based fintech startup and Stearns Bank announced their partnership to enable end-to-end cross-border payments for Stearns Bank retail and business customers.  
WireFX’s Global Payments as a Service (GPaaS) platform is now integrated into StearnsConnect, Stearns Bank’s online banking portal, utilizing Q2’s technology and Fiserv Premier (Stearns Bank banking core) enabling clients, branches, and wire operations to initiate and book wires for Stearns Bank’s fintech-related activity.   
“We are so pleased to be able to offer WireFX’s superior and faster end-to-end digital payments platform to our customers,” said Kelly Skalicky, President and CEO, Stearns Bank “By partnering with WireFX, together we are leading the way in delivering the ultimate customer experience by streamlining and simplifying wires and global payments, giving our customers a clear advantage for their business and quickly distinguishing Stearns Bank as the go-to digital-first business bank.”
Stearns Bank also will have access to the WireFX “Network of Networks” - a tailored group of the leading bank and fintech FX and payment liquidity providers - enabling Stearns Bank to deliver its customers the ultimate end-to-end digital FX and payments experience.   
“WireFX exists to serve financial institutions like Stearns Bank in their efforts to modernize, and provide the best customer experience for the end user,” said Jeff Althaus, WireFX President & CEO. “Global payments are complex and can be tedious, but through our partnership we will simplify the process and promote straight through processing to increase efficiencies.”  
WireFX will also provide specialty compliance support relating to Office of Foreign Assets Control (OFAC), Sanction Screening, and Anti-Money Laundering (AML) for the fintech-related activity. They also ensure connectivity and file formatting across The Society for Worldwide Interbank Financial Telecommunication (SWIFT) and Fedwire networks.  
“Throughout the integration process, WireFX demonstrated their expertise across the systems and payments space,” said Josh Hofer, Chief Risk & Information Security Officer, Stearns Bank N.A. “Their ability to integrate quickly to multiple technologies – deploying a solution in weeks, not months – and their ease in collaboration made it a pleasure to partner with them.”   

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