Seattle-based Interactive Financial Services Group Inc. (IFSG) recently marked the launch of the first phase of its online banking and B2B service provider BankInfinity.com by announcing a strategic partnership agreement with B2B e-commerce solution provider Clarus Corporation. Under the terms of the agreement, BankInfinity will complement Clarus real-time payment settlement product by serving as the conduit for automated clearinghouse (ACH) files generated by the Clarus Settlement product. Upon receipt, BankInfinity will instantaneously verify and deliver the ACH files to the Federal Reserve Bank for immediate processing and funding. The agreement is effective and the associated capabilities have been available since Oct. 19.
Our agreement with Clarus extends the processing work that weve been doing for United States banks to the international arena and provides a robust financial basis for launching the other areas of BankInfinity, said Sherry Avena, CEO of IFSG. are superb.
BankInfinitys proprietary editing and processing capabilities, which currently service 180 banks in 48 states, will give Clarus Settlement clients a direct link to the Federal Reserve Bank. This instant transfer allows companies and individuals to begin using their new assets immediately rather than waiting weeks for banks to approve the transfers.
As we deliver and extend on the promise of an end-to-end digital marketplace solution, we will look to BankInfinity to be an integral part of that equation, said Clarus president and CEO Steve Jeffery. BankInfinitys processing engine and link to the Federal Reserve Bank is a strategic complement to the interoperable payment settlement solution we offer our customers.
Clarus Settlement provides online marketplaces with the ability to handle payment settlement and reconciliation of complex domestic and international multimillion dollar sales. Clarus Settlement is an open, interoperable trading service available through ClarusNet, and is a multi-currency settlement solution designed to work with any B2B trading platform.