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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. Corporate One’s international wires solution also has 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.

Domestic Wires

Benefits

  • Secure, same-day settlement
  • Convenient, secure online access to OneWire
  • Ability to process drawdown requests
  • Competitive pricing when compared to other financial institutions
  • Cut-off time for domestic wires is 5:45 p.m. ET

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. Authorized users receive credentials so they may access OneWire Domestic to create and/or verify outgoing wires. Corporate One verifies all outgoing wires prior to transmitting.

Features

  • Various reporting capabilities
  • Several fraud mitigation tools, including dual authentication of outgoing wires
  • 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
  • Wire transactions are archived for seven years
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.)
  • Convenient international wire cut-off time: 4:00 p.m. ET
  • Free OneWire Global demonstrations, training and educational tools/resources available
  • Support in complying with Regulation E remittance transfers, including disclosures, information on cancellations rights and error resolution
  • Dedicated and experienced wire services department
  • OFAC scan integration

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 OneWire Global, 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
  • IBAN validation
  • Immediate knowledge of conversion rates that take advantage of negotiated exchange rates
  • Fraud mitigation tools, including dual authentication of wires
  • Payment method selection (wire/draft/IACH)
  • 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 archived for seven years
  • Next-day SWIFT confirmations
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.