Business as usual.with a few adjustments
As the system's payment processors, corporates were put under serious strain during 9/11. "The Fed put out the word we needed to keep funds moving and keep business going as normal," recalls Leigh Philibosian, vice president, Marketing. "We knew we needed to keep the monetary system going." This call to action presented a challenge for the corporate, particularly because many of its members were based in Washington, D.C., New York and Western Pennsylvania, and were unreachable for daily transactions such as recurring wire transfers. The corporate's staff had to accommodate the unique situation. "We made the decision to keep funds going without the traditional third-party verification that day, because we needed to keep funds moving," Philibosian said. "We decided under the circumstances it would be OK to verify after the fact."