Value proposition
Provide your members and local merchants with the ultimate payment option by offering domestic and international wire transfers, which are the most secure, final and expedient method for transferring funds. Corporate One's wire transfer services allow credit unions to securely and easily wire funds across town or across the world at a competitive price.
Domestic Wires
Benefits
- Secure, same-day settlement
- Convenient, secure online access to wire transfers via MemberView®, Corporate One’s online member account management system
- Ability to add, change or delete wire users at any time
- Competitive pricing when compared to other financial institutions
How does it work?
To ensure the utmost security surrounding outgoing domestic wires, credit unions begin by authorizing specific personnel to perform domestic wire transfers. These users receive a secure PIN so they may access MemberView to create and/or verify outgoing wires. Corporate One verifies all outgoing wires prior to transmitting. We also provide courtesy calls or electronic notification of incoming wires, which can be reviewed and acknowledged by anyone at the credit union.
Features
- Detailed information on incoming and outgoing wire transfer activity for the previous six months may be viewed via MemberView
- Several fraud mitigation tools, including dual authentication of outgoing wires
- Verification of all outgoing wires and courtesy calls or electronic notification of incoming wire transfers
- Wire templates for the easy creation of recurring wires
- OFAC compliance on all wires verified by Corporate One
- Fully tested and operational redundant system for business continuity
- Built-in disaster recovery contingencies
- Free online training and materials
International Wires
Benefits
- Fastest and most secure international payment option
- Ability to send international wires in the local currency
- 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)
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 reports, and flow of funds reports that track the payment of international wires
- 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
- Free online training