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Value proposition

Allow your members and merchants the ability to make payments anywhere in the world by offering international payments. With Corporate One’s international payments solutions, which includes international wires and ACH, your credit union can securely move and collect foreign funds globally for your members and merchants with ease, and at competitive prices. Each of Corporate One’s international payment solutions also have resources available to ensure all credit unions have the information they need to process international remittances in a manner compliant with amendments to Regulation E. Along with this offering, your credit union can benefit from our ultimate cash management solution, The One Account.

International Wires

Wire transfers are the most secure, final and expedient method for transferring funds between accounts.

Benefits

  • Fastest and most secure international payment option
  • Ability to send international wires in the local currency results in:
    • Lower costs versus sending the same wire in U.S. dollars
    • Better relationships for credit union members with foreign suppliers and service providers because of the use of local currency
  • Competitive, negotiated exchange rates reduce your credit union’s costs by saving your credit union from being assigned a conversion rate and/or fees by the receiving institution that can vary from institution to institution
  • Immediate conversion rates mean:
    • You and your member having an accurate and final transaction amount instead of having to wait until the wire is received
    • Elimination of “lift” fees charged by foreign financial institutions (as a result of pre-arranging the conversion rates in the local currency, credit unions minimize the risk that the foreign financial institution will charge additional fees to members' beneficiaries to protect itself from unfavorable exchange)
  • Convenient international wire cut-off time: 3:00pm ET
  • Free OneWire demonstrations, training and educational tools/resources available
  • Support in complying with Regulation E remittance transfers, including interactive disclosures, and information on cancellations rights and error resolution
  • Dedicated and experienced wire services department

How does it work?

To ensure optimum security, your credit union will begin by authorizing specific personnel to conduct international wires. These users will be able to log into our online system for international wires, enter destination and account information for the beneficiary, and a U.S. dollar amount for the wire. A competitive exchange rate is quoted and applied to the wire immediately. Your staff will complete the transaction by entering the remitter's and beneficiary's information, confirming the wire transfer, which sends the funds in the local currency.

Features

  • Web-based international wire platform does not require software installation
  • Various reporting capabilities, including a daily wire report, summary wire reports, and historical reports for audit purposes
  • Immediate knowledge of conversion rates that take advantage of negotiated exchange rates
  • Fraud mitigation tools, including dual authentication of wires
  • Ability to send wires in local currency
  • Ability to create wire templates for more simplified recurring wire processing
  • Built-in disaster recovery contingencies
  • Wire transactions are archived for seven years
International ACH

Leveraging the power of the ACH network, international ACH is a cost-effective and dependable alternative to wire transfers and checks.

Benefits

  • Easier, simplified processing and more secure payments, thanks to the newly created International ACH Transaction (IAT) code that established a Standard Entry Class (SEC) code for electronic international payments
  • Dependable, quicker option to sending a check, more cost-effective than wires
  • Ability to originate and receive international payments from a single platform
  • Attractive business service offering for local merchants that conduct business overseas or have foreign suppliers and service providers
  • Attractive offering for credit unions with dense ethnic populations and/or near a college campus

How does it work?

Origination

ACH Origination offers credit unions the ability to become Originating Depositing Financial Institutions (ODFIs) that can initiate electronic debits and credits for their members and/or SEGs within the ACH Network, while reducing payment processing costs. As ODFIs, your credit union can create one-time entries for submission to the ACH network or you can create databases to initiate reoccurring ACH transactions into the system. The entries/databases are then batched into files and forwarded to the ACH Network for international processing. Settlement times can vary from country to country, but most transactions will be complete within one-to-four business days.

Receipt

ACH Receipt offers credit unions the ability to become Receiving Depository Financial Institutions (RDFIs) and receive ACH credit or debit requests on behalf of their members and/or SEGs from within the ACH Network, while reducing payment processing costs. Specifically, with ACH Receipt, ACH receives electronic debits and credits for Corporate One’s members from the ACH network, which are then distributed to RDFIs, or their processors, to post to members’ accounts.

Features

  • Web-based ACH system requires no software installation
  • Predicable, dependable clearing and settlement times.
  • All international ACH payments are OFAC compliant and in compliance with all regulatory sources, further reducing risk to fraudulent transfers
  • International ACH payments leverage FedGlobal®, which includes support for complying with amendments to Regulation E
  • Turnkey, branded marketing materials, including print ads, statement stuffers and brochures
  • Remittances to partnering countries, such as Canada and Mexico, which lead all U.S. international payments, can be made in the local currency for additional cost efficiencies and favorable exchanges
  • Ability to create ACH templates for more simplified sending of recurring payments
  • Ability to access a host of reports, including daily and summary reports
  • Disaster recovery contingencies are built-in and login process uses Entrust ® Identity Guard authentication to provide risk-based authentication required by FFIEC/NCUA guidance. Credit unions also continue to have their own system administrator to manage internal security
  • Free online trainings assist users in learning the system
  • No deductions from the payment by foreign financial institutions

The One Account

Our easy, competitive, integrated cash management solution has convenient overnight investment options, paying very competitive rates. With The One Account, you’ll have access to a full suite of cash management tools, such as Member$MART, our web-based account management system, making Corporate One the only place you'll need or want for effective cash management.