WireXchange® is a secure, time-saving wire exchange product. A Web-based solution, WireXchange features an automated workflow that eliminates manual processes, helps ensure compliance and supports the efficient completion of end-to-end wire transfers.
With increasing frequency, business customers use wire transfers to move domestic and foreign funds. Processing this growing number of transfers can be time-consuming for any financial institution. Staff members might print wire instructions as they are received and rekey them into the Fedwire Services solution. Or, they run a program several times a day to download a batch of wire requests to a Fedwire-formatted file, and then submit them from a PC with a connection to the Federal Reserve.
WireXchange eliminates the need for these manual processes. This back-office solution works with Business OnlineTM to automate the wire transfer process. (Note: If your financial institution offers Wire Manager, then your business customers enter wire transfers through Wire Manager in Business Online.)
Wire transfer requests are automatically sent to WireXchange, where a step-by-step process prepares the transfer to be verified and released to the Federal Reserve in real time. Customers also have the option to view wire status and history through Business Online (or Wire Manager in Business Online), and update the status of transfers that require approval.
WireXchange also makes it easier for your financial institution to maintain regulatory compliance. The built-in transfer processing workflow runs a number of comprehensive edits to meet the Federal Reserve’s requirements for outbound wires. Customized OFAC processing rules and integration with OFAC watch lists are available for the screening of inbound and outbound wires. In addition, advanced wire history retention and reporting capabilities assist with BSA requirements.
- Keep data secure: SSL encryption helps ensure the integrity and confidentiality of data, and the real-time reporting function monitors for online security violations.
- Minimize errors: The automated nature of WireXchange all but eliminates errors introduced through data entry.
- Surpass expectations: The ability to send both domestic and foreign wire transfers, along with review and approval processes, makes WireXchange a comprehensive solution for all business customers’ wire transfer needs.
- Increase fee-based revenue: Your financial institution can customize fee billing for outbound wires.
For more information on Wire Manager and other solutions from Fiserv, call us at 800-872-7882 or Contact Us.