You’ll likely come across many options when looking for a wire system, and you can bet that each option will have different functions and features. So the question is, which option best suits your institution’s needs? Do you really need all the bells and whistles?
To help you answer these questions, we analyzed our own wire system and how our clients use it, and we came up with 12 essential features and functions. When your institution is looking for a wire system, ask yourself if the system you are considering:
- is browser-based,
- is mobile friendly,
- can interface with any core processing system,
- is easy to use,
- is customizable,
- uses the Federal Reserve Bank’s Fedwire® Funds Service,
- offers OFAC screening,
- uses OFAC whitelisting,
- includes two-factor authentication,
- has electronic document storage
- offers eSign capability, and
- integrates with your eBanking platform
Now let’s take a deeper look at why all of these functions are crucial to your success.
1. A Browser-Based System
We live in a digital world. Today people expect almost every business to provide them with an online experience where they can access the information they want when they want it. This is why it’s crucial to pick a wire system your users and your employees can access on the Web. If you don’t, your users might consider leaving you for an institution that does.
Having a browser-based system also gives your employees more flexibility, allowing them to work from home or anywhere else when they need to. This could help with employee retention and also gives potential hires a reason to work for you over someone else.
2. A Mobile-Friendly System
When you’re on the go or out of the office, you’re likely to only have your phone with you. And if a problem that needed attention were to occur while you were out, how nice would it be to not stress about getting back to the office just to fix the problem? Wouldn’t it be great if you could just do it from your phone? Having a mobile-optimized system gives you the power to tackle issues faster and more efficiently, building more trust in your users.
3. Interfacing with Any Core Processing System
The wire system you end up choosing should integrate with your core provider. You shouldn't have to make duplicate entries or complete a manual process because your wire system isn't integrated with your core. A great wires system will already have powerful APIs that make integration a breeze so you can continue using your current customer information, accounting system, and fee structures.
4. Ease of Use
The wire system should be easy to use for both your users and your employees. It should be intuitive and require little training to use it properly. The system should allow your employees to review, authorize, send, and receive all your domestic or international wires. You should be able to set up templates that can be used for one-click common wire sending or to quickly create your own individual wires. You should be able to effortlessly search for created and completed wires, use provided filter selections so you can quickly get to the wire you’re looking for, and move money quickly and efficiently, helping your financial institution streamline wires.
5. Customization
Choosing a vendor who has the ability to customize its wire system to meet your institution’s needs is a huge advantage. Every institution is different, so you need a system that can adapt as you adapt. Having the ability to customize rules, wire approvals, dashboards, reports, and more gives you the freedom you deserve to do what works best for you.
6. Federal Reserve Bank’s Fedwire Funds Service
Wire transfers should be sent to and received from the FRB in a matter of minutes. Before wires are sent or received, they’ll go through your institution's custom rules, approval, and submission process, and they’ll complete OFAC screening.
7. OFAC Screening
Every transaction that a U.S. financial institution engages in is subject to OFAC regulations. If a bank knows or has reason to know that a name on the OFAC list is party to a transaction, the bank's processing of the transaction would be unlawful. To prevent any such errors, your wire system should automatically check OFAC lists for every transaction.
8. OFAC Whitelist
In some cases, an OFAC check will flag a false positive, a name that really isn’t an OFAC risk. If an institution proves that a name is a false positive, they can “whitelist” the name in the wire system so they don’t have to clear the false OFAC hits repeatedly. Whitelisting is an essential feature of a wire system because it saves time without sacrificing security when sending and receiving wires.
9. Multi-Factor Authentication
Providing your users with the highest level of security should be one of your top priorities. To ensure this level of security, the wire system should require users to enroll in multi-factor authentication the first time they log in. This simply adds another layer of security, making it more difficult for potential fraud or hacks. The wire system should support any two-factor application that uses the Google Authentication algorithm. Examples of this include Google Authenticator, DUO Mobile, Authy, and others.
10. Electronic Document Storage
To help with auditing and file management, your wire system should offer a way to view, download, and print documents as needed. Nothing is more annoying than when you need a file but can’t find it in the mess. Having a system where you can attach documents to associated wires would greatly improve your institution’s efficiency and organization.
11. eSign
After creating a wire, your wire system should let your users view the specific wire details and digitally sign the wire form containing the legal information defined by your institution. This gives your users more freedom to review and sign when it’s most convent for them.
12. Integrates with Your eBanking Platform
Just like how your wire system should integrate with your core provider, it should also integrate seamlessly with your eBanking platform. As more of your users conduct their banking needs through online and mobile banking, ensuring your users can create and submit wires through your eBanking channels is vital. Again, the vendor you choose should already have APIs in place that’ll make integration effortless.
Conclusion
When you need a new wire system, these 12 functions could be the key to meeting your institution’s needs. We hope you found this checklist interesting and helpful. Be sure to use it as your guide when looking for a new system.
Now we’d like to hear what you think. Do you agree with our list? Did we miss anything important? Or do you have any questions we can answer? Please share your thoughts by leaving a comment below or reaching out to us.
Are you looking for a new wire system? Click the button below to see if our wire system is the right fit for your institution.
