Connect ► twitter| youtube|  Log In ► Members Only  |  Corporate One Safekeeping  |  Search

Value proposition

Wire transfers are the most secure, final and expedient method for transferring funds between accounts. With the ability to send international wires to more than 100 countries around the world, OneWire Global provides credit unions an expansive, secure and expedient payment option for their personal and business members.

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.

Benefits

  • Fast and most secure international payment option
  • Ability to send international wires in the local currency results in lower transaction fees:
    • 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:
    • Credit union and member provided the final transaction amount.
    • Prearranged conversion rates eliminate fees assessed by foreign institution.
  • Convenient international wire cut-off time: 4:00 p.m. 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
  • SWIFT gpi tracking for end-to-end visibility on the status of payment transactions, from origination to confirmation
  • Robust BSA reporting features, including the ability to receive reports in the following standard industry formats:
    • Verafin specific
    • Patriot officer specific
    • Bankers toolbox specific

Features

  • Integration with Fiserv Payments Exchange (formerly WireXchange)
  • Several fraud mitigation tools, including dual authentication of outgoing wires
  • Wire templates for the easy creation of recurring wires
  • OFAC review integrated within the system
  • Redundancy to ensure business continuity
  • IBAN/SWIFT code validations
  • Ability to create internal lists to stop or accept compliance checks
  • Static rates to guarantee exchange rate between 8:30 a.m. - 4:00 p.m. ET