A regional Federal Reserve bank has chosen IBM to help refresh a technology platform that the financial institution uses to clear and settle interbank retail payments.
IBM will deliver and implement its Financial Transaction Manager for Automated Clearinghouse software for the Federal Reserve Bank of Atlanta to manage its billing and accounting transactions within the central banking system, the company said Thursday.
Keith Melton, director of IBM’s commerce payments business, said the company designed its FTM platform to help financial institutions simplify management of electronic funds transfers.
The Federal Reserve Bank of Atlanta aims to process as many as 100 million transactions a day through IBM’s technology.
Twelve regional banks make up the Federal Reserve system.