ORLANDO-In an effort to streamline its wire transfer capabilities, McCoy Federal Credit Union recently upgraded its platform to Fiserv WireXchange solution.
"There is a verification process now in place so we have a second set of eyes, and the accounting department is immediately alerted that there is a wire pending," said Pam Mello, vice president of risk management for McCoy FCU. "It has improved the efficiency of the entire wire process; we no longer drop wires."
With 13 branches, she explained that there was often confusion and errors between branches and headquarters with wire faxes misplaced or missing.
Bailey Nelson, vice president of bank and credit union solutions with Fiserv, noted that WireXchange automatically posts incoming or outgoing wires to member accounts via an interface between WireXchange and the core DataSafe system, thus removing the need for manual posting. "This process cuts time by 50% and reduces the amount of keystroke errors," said Nelson.
The platform includes templates for recurring wires, and when a Bank Secrecy Act audit is levied, WireXchange provides a thorough audit trail. For employees, the software quickly verifies ABA number, and when the Office of Foreign Assets Control (OFAC) flag a transaction, the system sends an e-mail alert for research and verification.
"This is a browser-based solution with one-time wiring to streamline everything," said Nelson. "We built it with efficiency and flexibility in mind."
Mello noted the wire discovery process transpired over a few months and included vetting other vendors. When the decision was made to go with WireXchange, the initiative was launched within 90 days. "This program is very intuitive," she said. "Our training was minimal and was done online which made the process easier."
Nelson added that "pay per wire" service includes support desk assistance.
Along with the upgrade came an ancillary benefit, enhanced security which allows McCoy to set monetary authorization levels by employee rank (e.g., teller vs. manager). "WireXchange gave us the tools to improve security but didn't force that on us, it's all customizable," said Mello.
New Security Features
Additionally, three parties are now required to complete a wire transfer: one to enter, one to verify and one to release. "We have a number of security features built in to WireXchange," said Nelson. "As you can imagine, security is top of mind every day for us."
While Mello conceded that the number of wire transfers hasn't increased from the credit union's approximate 65,000 members, the time saved by streamlining operations is considered a return on investment.
"This hasn't increased the amount of wire transfers we do but it has made the process easier," she said. "It shouldn't be considered a driver of wire business but it is appropriate for any size credit union-whether you are handling one wire transfer or one thousand."