International Wire Transfer
Credit unions use Catalyst Corporate's International Wire Transfer Service to access a network of more than 4,500 correspondent banks
through a secure system that facilitates compliance with the Dodd-Frank international remittance rules.
Features & Benefits:
- Two options are available to credit unions sending an international wire transfer through Catalyst Corporate: an international foreign exchange (FX) wire and an international U.S. dollar (USD) wire.
- International FX wires are those distributed in the foreign currency where the overseas beneficiary account resides. FX wires are recommended when the beneficiary’s account is not a USD account and when the originator wants to know how much foreign currency will be received. Dollar amounts are converted automatically to the foreign currency selected. FX wires are available in approximately 120 foreign currencies (list subject to change without notice). Learn how FX wires can optimize efficiency and cost here.
- International USD wires are those distributed in U.S. dollars to an overseas beneficiary from a domestic U.S. account. USD wires are a good option when the beneficiary has requested to be paid in USD or has a USD account.
- Consumer disclosures can be generated for compliance with Dodd-Frank international remittance rules.
- Wire transfers are submitted using the secure online member portal, TranZact, or by phone.
- Security measures include token-protected initiation and approval.
- Dual control minimizes credit unions' risk when sending high-dollar outgoing wires.
- Call-back verification thresholds increase protection.
- The built-in SWIFT/BIC code check improves accuracy.
- An optional OFAC filter is available to support regulatory compliance.
- Credit unions can track incoming and outgoing wire activity online in TranZact and/or with the optional email Wire Notification Service.
- The optional BSA File Service automates the transfer of domestic and international wire files so that credit unions have more efficient access to wire data for conducting Bank Secrecy Act reviews.
- Summary and detail reporting is available for 200 days to help credit unions monitor wire transfer activity.