Stearns Bank, WireFX Team on X-Border Payments

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In an effort to boost cross-border payments for its retail and business customers, independent financial institution Stearns Bank is collaborating with FinTech startup WireFX.

WireFX has integrated its Global Payments-as-a-Service (GPaaS) platform into StearnsBank’s StearnsConnect, Stern’s online banking portal that uses Q2 Technologies and Fiserv Premier (Stearns Bank’s banking core), “enabling customers, branches and wire transfers to initiate and book wires for Stearns Bank’s FinTech-related activity,” according to a Thursday, September 8 statement.

“By partnering with WireFX, we are together leading the way in delivering the ultimate customer experience by streamlining and simplifying global transfers and payments, giving our customers a clear advantage for their business, and quickly distinguishing Stearns Bank as the digital first business. bank,” Stearns Bank President and CEO Kelly Skalicky said in the statement.

Stearns Bank has offices in Minnesota, Florida and Arizona.

Based in Minneapolis, Minnesota, WireFX will also provide Stearns Bank with specialist compliance support for the Office of Foreign Assets Control (OFAC), sanctions screening and anti-money laundering (AML) for the FinTech-related activity, according to the release.

“WireFX exists to serve financial institutions like Stearns Bank in their efforts to modernize and deliver the best end-user customer experience,” WireFX CEO and President Jeff Althaus said in the statement. “Global payments are complex and can be cumbersome, but through our partnership, we will simplify the process and promote straight-through processing to increase efficiency.”

WireFX provides connectivity between the SWIFT and Fedwire networks and will provide Stearns Bank with access to its group of FX (FX) and banking and FinTech payment liquidity providers, the statement said. This access will help Stearns Bank provide its customers with an end-to-end digital foreign exchange and payment experience.

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