FedLink: Facilitating Fast, Secure & Legal Transactions Around The World
What Is Wire Transfer?
Wire transfer is a means of transferring funds electronically from one person or financial institution to another. Wire transfers help facilitate modern banking and commerce, as they are nearly instantaneous, whereas paper-based methods of commerce and finance take much more time and expense to facilitate. Wire transfer is especially important to international finance and commerce and is tightly regulated. To ensure transfers are secure and comply with the law, dependable, top-quality wire transfer software is essential. Ocean Systems, Inc.’s FedLink software products meet the challenge of data security and legal compliance, providing users with a rock-solid product for facilitating wire transfers.
What Is FedLink? FedLink is a series of software products that facilitate wire transfers by automating much of the process. FedLink handles many of the compliance aspects of international transfers of money, and also secures and facilitates transactions. FedLink helps automate large volumes of funding transfers and also makes international transfers of money easier by obtaining foreign currency exchange rates in real time. The software is scalable, allowing institutions to buy exactly the level of services they need.
FedLink Products FedLink offers a variety of software applications beneficial to financial institutions executing wire transfers. The FedLink Family of products consists of: • • • • •
FedLink Anywhere FedLink Direct Connect FedLink Multicurrency FedMail Notifications SWIFT Straight Through Processing (FTP)
FedLink Anywhere FedLink’s Anywhere Application makes preparing wire transfers easier for banks and their customers. The software uses a variety of security measures including signature requirements, multifactor authentication, limits on authorizations and dual controls to ensure the safety of the entire transaction from start to finish. The end result – faster transfers and better communication and collaboration among financial institution personnel.
FedLink Direct Connect FedLink Direct Connect gives clients a direct line to the Federal Reserve Bank, allowing them to skip over FedLine Advantage. For banks with a high volume of wire transfers and limited time to send and receive confirmations, this streamlined process helps them keep up with client demands.
FedLink Multicurrency FedLink’s Multicurrency application makes international payment easier by acquiring the exchange rate for foreign currency in real time. Clients can adjust program configurations to assign special FX rates for specific customers or large transfers. The entire process is validated by the software to ensure it complies with the law and also provides straight through processing to the transfer’s beneficiary.
FedMail Notifications FedMail provides instant notification to bank customers and personnel of when incoming wires are received or when outgoing wires have been confirmed. Clients can customize these notifications to provide other relevant information as well. The program also automatically notifies customers with pre-payment disclosures and payment receipts as mandated by Dodd-Frank.
SWIFT STP Swift straight through processing cooperates with FedLink to ensure appropriate processing of SWIFT messages. This helps ensure straight through processing as required by law.
Current With New Regulations, Ocean Systems FedLink transfer system keeps abreast of all federal regulations, ensuring that your institution remains in compliance with the law. In July 2013, Ocean Systems updated all affected FedLink modules to comply with Dodd-Frank Act section 1073, subpart B, regulation E.
Why Use FedLink? • Better service. FedLink ensures that all Federal Reserve wire transfers are safe, from origination to destination. The software provides immediate processing and properly documents all entries to client accounts and the general ledger. • Fast. FedLink works to quickly facilitate wire transfers, connecting to FedLine Advantage. With FedLink, bank personnel can set up and authorize orders, as well as access pertinent information from designated workstations in their bank. • Compliance. FedLink keeps institutions compliant with OFAC and other Sanctions Lists Outgoing. By staying in compliance with the law, banks and financial institutions can avoid costly fines and fees. • Completely paperless – FedLink allows for a truly paperless and efficient wire transfer process. • Accuracy – FedLink helps eliminate costly mistakes by matching wires to accounts and creating detailed documentation of transactions.
About Ocean Systems, Inc. Ocean Systems, Inc. develops electronic funds transfer software for the financial industry. OSI produces a number of software applications, including FedLink, the OFAC EDD Server and the Enhanced Compliance Solution to meet client needs for transfer and compliance solutions. Headquartered in Miami, FL, OSI has been in business since 1991 and its products are used in more than 220 installations in the U.S., Europe, Central America, South America and the Caribbean.
Photo credit: All photos courtesy of client website, iStockPhoto, Wikimedia Commons and Morguefile.