Wire transfer with compliance built-in
Fusion PAYplus wire transfer solution turns payments into a source of competitive advantage
A better way to deliver payments
When it comes to payments, US financial institutions are facing a number of challenges – from pressure to increase revenue by using fee-for-service business models to increasing competition and a demanding customer base. Plus, an increasingly restrictive regulatory environment is forcing US financial institutions to find better ways to deliver payments services in a way that grows their business while helping them to differentiate themselves.
One solution for wire transfers and compliance
Fusion PAYplus wire transfer solution with integrated compliance capabilities for US financial institutions can help in this quest. It supports processing of all payment types, including Fedwire funds and securities transfers, SWIFT messaging, foreign exchange transfers and internal book transfers. Configurable workflow means the solution is easy to set up and flexible enough to accommodate a wide variety of business practices.
Increase STP through automation
With an enhanced user interface and statistical Sarbanes-Oxley reporting management tools, Fusion PAYplus wire transfer solution helps financial institutions manage payment processing and auditing requirements more efficiently and cost effectively. It increases 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, removing the need for manual searches.
The wire transfer solution integrates seamlessly with other cash management systems as well as back-office systems. This means the system is not only easy to implement but helps to automatically consolidate information in one place, eliminating errors and reducing risk. It also offers automated, real-time checks against various embargo lists ensuring the risks of ‘false positives’ and ‘false negatives’ are reduced.
Automate OFAC screening
Integrated and automated OFAC screening supports both domestic and international ‘watchlists.’ Additionally, secured emails and token identification prevent unauthorized access to transactions. Using a data monitoring module, the solution also automates the screening of wires, communicating any suspicious behavior immediately.
Generate new Revenue opportunities
With flexible fee rules that enable financial institutions to charge for value-added services, Fusion PAYplus wire transfer solution optimizes revenue generation capabilities.