National and regional financial institutions in the United States are facing a number of challenges. Like many financial institutions around the world, they are under pressure to use fee-for-service business models to increase revenue. At the same time, however, they are also facing competitive pressure from large multi-national banks, which typically have deeper pockets and greater resources. These smaller financial institutions are walking a tightrope, compelled to introduce new products and services to their customers quickly to stay competitive, while at the same time needing to remain very sensitive to the bottom line. Such challenges, coupled with a more demanding and changing customer base, plus an increasingly restrictive regulatory environment, are forcing smaller financial institutions to find new and effective ways to deliver payments services that will help them to grow their business as well as to differentiate themselves from their larger counterparts.

D+H’s wire transfer solution with integrated compliance capabilities for U.S. financial institutions can help in this quest. The solution supports processing of all principle payment types, including Fed-wire funds transfer, Fedwire securities transfers, SWIFT messaging, foreign exchange transfers and internal book transfers for those financial institutions with centralized processing within the US. Configurable workflow processing makes the solution easy to set up and ensures it is flexible enough to accommodate a wide variety of business practices. The wire transfer solution utilizes a Windows or browser-based user interface, incorporates high levels of straight-through processing (STP) and uses exceptions-based displays – all of which make training easy and help to minimize operator error. It is available with a standard software license or based on a service bureau model. D+H’s experienced professional services team provides expertise in industry trends and regulatory changes and interfaces with core and cash management systems.

Business Benefits

Reduces Costs & Improves Operational Efficiency

Provides an enhanced user interface and statistical Sarbanes Oxley reporting management tools to help financial institutions manage payment processing and auditing requirements more efficiently and cost effectively. Increases straight-through-processing (STP) rates by automating many manual processes and eliminates rekeying of data by integrating with ancillary systems. Automated screening of historical data scans FinCEN data and automatically reports on any matches, thus removing the need for manual and cumbersome searches typically performed by compliance groups.

Easy to Implement, Reduces Risk & Helps to Prevent Fraud

The wire transfer solution integrates seamlessly with other cash management systems as well as back-office systems for balance inquires, name and address validation, batch and real-time posting. This means the system is not only easy to implement but helps to automatically consolidate information in one place, eliminating errors and reducing risk. Additionally, the solution provides automated, real-time checks against various embargo lists ensuring the risks of ‘false positives’ and ‘false negatives’ are reduced.

Helps to Prevent Fraud

The wire transfer solution provides automated OFAC screening which supports both domestic and international ‘watchlists.’ It also provides financial institutions with an easy way to deploy the remote initiation of wires in branches and corporate customers’ browsers. Additionally, secured emails and token identification prevent unauthorized access into transactions. Using a data monitoring module, the solution also automates the screening of wires, communicating immediately any suspicious behavior.

Improves Customer Service

Notifications and alerts are automatically sent to wire room personnel to inform them of any manual intervention that may be required. Exceptions are thus quickly addressed, saving time and catching errors before costly mistakes are made. The wire transfer solution provides Dodd-Frank 1073 regulation processing at the time the transaction is created to assist financial institutions with compliance for consumer transactions and enhance the overall consumer experience.

Helps to Generate New Revenue Opportunities

Optimizes revenue generation capabilities with flexible fee rules that enable financial institutions to charge for value-added services.