Fuhr Software, Inc.

WireCentral - Automated Wire Transfer Processing

Finally, an affordable solution for credit unions and banks to improve compliance, reduce labor, and improve service.

WireCentral is a fully automated wire transfer request processing and management solution that:
  1. Reduces time and errors when creating a wire transfer request.
  2. Validates all the information for completeness and accuracy.
  3. Complies with BSA and Patriot Act requirements.
  4. Automates the approval process.
  5. Interfaces with wire origination software system such as FedLine Advantage.
  6. Affordable.

Reduce Time and Errors
A majority of financial institutions are still using paper forms to create a wire transfer request for a customer.  Paper forms do not provide a smooth completion process and can cause delays in the form on illegible handwriting or sitting on a CSR's desk.

WireCentral uses an easy step-by-step process where the required information is broken down into small sections.  This allows for quick, straight-forward data entry that is presented in a logical flow.  A wire request is submitted for processing or approval as soon as the CSR completes the request.  Additionally, pending wire requests can be batched and imported into wire origination systems, saving time in the processing department.


Validated Information
Information that is not validated before it is submitted runs the risk of causing delays.  Further delays can be caused by entering in an invalid ABA or specifying a financial institution that is unable to directly receive wire transfers.

WireCentral prevents a transfer request from being submitted unless all of the required information has been entered.  Additionally, it verifies that the beneficiary and secondary ABA numbers against the Fed's FedACH and FedWire database.


BSA and Patriot Act Compliance
Credit union and bank Examiners are cracking down on compliance.  Among the audits, Institutions are now expected to perform due-diligence that prevent suspected terrorists from moving money and the BSA requirements specify certain information retention procedures.

WireCentral contains a built-in OFAC screening process that checks the originator and beneficiary against the official US Dept. of Treasury's SDN database for possible matches.  WireCentral uses the government's recommended procedure for identifying potential matches and flags these hits for review.  This information, along with the comprehensive details of the wire such as who sent it and to where, are stored in the database and available for auditors.


Automated Approval and Review Process
Another delay point is caused by a CSR submitting a wire transfer request without obtaining an approver's signature.

By utilizing WireCentral's rule process, you can create customized rule-sets that determine when a wire requires approval before it can be processed.  After a wire is submitted, WireCentral checks it against the approval rules and automatically routes the request to an approval queue.  Once the wire has been approved, it moves to the next designated queue which can be a reviewer or the processing department.


Interface with the Fed and other Origination Systems
When a wire transfer request is submitted to the accounting department for processing, it has to be re-entered into the wire origination system, such as FedLine.  This is another error-prone area that can create delays for the customer.

Once a wire has been submitted for processing, the processor simply batches the wire which is later exported to a Fed-formatted or CSV-formatted file.  This file is then read by the third-party origination system such as FedLine Advantage eliminating the need to re-enter the request.  This eliminates errors and reduces time in the processing department.


Affordable Solution
With all of these benefits, do you think WireCentral is going to break the budget?  

WireCentral was developed for institutions of all sizes and is a surprisingly affordable solution.   WireCentral's flexible software contracts give you several choices to pick which one works best for you institution.  With our unlimited branches and users license, you can use WireCentral at all of your branches without incurring additional expense.  Contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it for a no-obligation quote or to set up an online demonstration.


“Knowledge management is essential in tomorrow’s operating environment.  WireCentral is a solution that encompasses value added decision making, such as system validations, automated internal controls, and increased efficiency.”  

- Rich Capuano, CEO Credit Union of Ohio
 
You are here  : Home Products Compliance Management WireCentral Overview