Features of the FedLink Wire Transfer System A wire transfer system is one that allows funds to be transferred electronically from a person or business to another person or business at a different bank. Banks, in particular, benefit from having a wire transfer system that allows them to speed up their transfers within their banking system at the lowest possible cost. Any system used by the bank must be compliant regulations from the UCC, FinCEN, and the US Office of Assets Control (OFAC) while also meeting the automation requirements of the specific banking system. FedLink has earned the distinction as being the industry product line of choice because of the outstanding performance achieved under limitless unique requirements. The FedLink system is comprised of multiple modules including: ● FedLink Anywhere ● FedLink Multicurrency ● FedLink Direct Connect ● FedMail Notifications ● SWIFT Straight Through Processing (FTP) Depending on the specific needs of the bank, modules are available separately. Each module can be integrated into the banking system to achieve an automated, paperless process that processes wires and transfers to and from various branches within the banking system. There are many advantages to FedLink over other systems, including the ease with which it makes it to remain compliant. FedLink exceeds search requirements while also including standard reports and Customer advices for efficient compliance monitoring. When transfers are immediately verified against the OFAC database upon preparation. Wires received from other banks are also verified as soon as they are received. OFAC verification includes every detail of the transaction from the beneficiary name to the client instructions against the database from the U.S. Office of Assets Control. All processes are performed automatically without paper, regardless of where the requests are prepared. An automated wire system is a convenient way to create an improved system of wires and transfers that eliminates errors caused when using traditional processing methods. Any time a Federal Reserve wire transfer is processed with the FedLink system, the transaction is secured, validated, authorized, and electronically posted, then released through the Federal Reserve Bank Fedline Advantage.. By validating all the data fields for proper format and in accordance with payment guidelines, FedLink virtually eliminates the possibility of returns and rejects by receiving banks. Matching incoming wires with the clients’ account, FedLink eliminates the time in posting transactions while also improving accuracy.
Improved security and better customer satisfaction go hand-in-hand. Data security is embedded in every area of the FedLink system including sign-on under seven levels of access. The bank may have multiple users with each having their own level of authority. Improved security also includes full audit trail of all data changes, encoded files with encrypted fields that allow you to detect if data has been tampered with, record maintenance logs and a full audit of all data changes. These electronic data records allow you to access the information needed without the hassle of a paper system. See how Ocean Systems is always on task and always up to date. Company Bio Ocean Systems offers high quality, feature-rich solutions for bank compliance needs. Their products are focused on automation and compliance, with a specialty in software solutions for the financial and banking industry. Their product suite includes the FedLink Wire Automation family of products, the Enhanced Compliance Solution (ECS) for BSA and AML Monitoring software, and the OFAC/PEP Server for enhanced due diligence of banking customers. Ocean Systems’ combination of products and the option to select and integrate specific modules from the product suite is what sets them apart from the competition.