Value Proposition
International payments allow credit unions to securely move and collect foreign funds internationally for businesses and members with ease. Corporate One offers members a customizable package of two types of international payments services: international wires and international ACH.
International Wires
Wire transfers are the most secure, expedient and final method for transferring funds between accounts. Corporate One's international wire transfer services allow credit unions to safely and easily wire funds internationally at a competitive price. Benefits and features on International Wires include:
- Competitive costs, immediate conversion Credit unions are provided with the conversion rate while initiating the wire instead of having to wait until it is received. With Corporate One, credit unions can perform the conversion with our negotiated exchange rates, which are often more competitive than market rates.
- Fewer conversion fees Sending international wires in the local currency costs much less than sending in U.S. dollars because credit unions can pre-arrange to pay in the local currency. By paying in the local currency, the foreign financial institution is less likely to charge additional fees, or lift fees, to members' beneficiaries, providing further insulation from an unfavorable exchange.
- Accurate final amounts Because the conversion rate is available in advance, credit unions have a record of the exact amount of foreign currency wired and received.
- Better relationships for credit union members The use of local currency can improve your members relationships with foreign suppliers or service providers.
- User-friendly platform Web-based system requires no software installation, allows the user to create templates to make sending recurring wires even easier and allows access to a host of reports, including daily and template reports. Free online trainings assist users in learning the system.
- Interactive rate calculator Displays daily foreign rates and user is able to interactively convert U.S. dollars into foreign dollars or vice versa.
- Email notification Notification of newly created wires and daily published rates.
- Security Disaster recovery contingencies are built-in.
International ACH
Leveraging the power of the ACH network, international ACH is a cost-effective and dependable alternative to wire transfers and checks. Benefits and features of International ACH include:
- Dependability Predicable clearing and settlement times. Further, APEX-ACH, the system used to process International ACH payments, has achieved a nearly 100% on-time file delivery since 2004.
- Reduced risk All International ACH payments are OFAC compliant and in compliance with all regulatory sources.
- Free marketing resources Credit unions can take advantage of cross-boarder ACH opportunities with neighboring Canada and Mexico, both of which constitute a bulk of international ACH payments, by tapping into two programs created by the Federal Reserve Banks Directo a M้xico and Canada Connection. Through these programs, credit unions have access to marketing guides that will help them identify markets for remittances to Mexico and Canada, understand the market dynamics, and reach targeted segments of members and non-members. Plus, customizable electronic templates for both print and online materials are also available to help credit unions easily and economically launch marketing campaigns.
- Payment options 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.
- User-friendly platform Web-based system requires no software installation, allows the user to create templates to make sending recurring payments even easier and allows access to a host of reports, including daily and summary reports. Free online trainings assist users in learning the system.
- Security Disaster recovery contingencies are built-in and login process uses Entrust ฎ 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.
