Catalyst News

International Wire Transfers: Your Passport to Becoming a Full-Service CU

by Catalyst Corporate | Feb 25, 2020

Perhaps your credit union offered international wire transfers in the past, but threw in the towel as new rules were ushered in by the Consumer Financial Protection Bureau in 2013. Or, maybe you’ve been hesitant to consider international wires at all without a clear understanding of what your credit union’s involvement would be.

Either way, as member payment demands become more sophisticated, credit unions must continue to respond to their requirements. If international wire transfers isn’t part of your service portfolio, your members are visiting one of your competitors to fulfill that need.

Is it time to revisit providing international wire services? With access to a network of more than 4,500 correspondent banks and an online system that facilitates Dodd-Frank Act compliance, Catalyst Corporate makes international wires simple, seamless and secure.

Simple

From start to finish, Catalyst Corporate aims to simplify international wire transfers. The service uses a real-time exchange rate, so credit union members can send international wires with confidence to 150 countries in 120 different currencies.

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 distributed in the foreign currency where the overseas beneficiary account resides. International USD wires are distributed in U.S. dollars to an overseas beneficiary from a domestic U.S. account. There are benefits and best-use cases for each, but ultimately, the flexibility allows you to optimize efficiencies and cost to serve your members best.

Credit unions also have access to Catalyst Corporate’s dedicated Wire Transfer Team, as well as additional resources in TranZact – including the International Payments Guide for country-specific formatting codes.

Seamless

The International Wire Service is built into TranZact, Catalyst Corporate’s secure online member portal, so if your credit union is already providing domestic wire transfers, international wire transfer set up is as easy as “flipping a switch.” There’s no paperwork to complete or software to install. The service can be activated the same day in most cases, as it only requires the TranZact Administrator to set up the disclosure template and authorize wire users.

Complying with Dodd-Frank international remittance rules is easy. Pre-drafted consumer disclosures are built into the system and available to provide members for compliance with Dodd-Frank international remittance rules. An optional OFAC filter is also available to support regulatory compliance. All wires entered by Catalyst Corporate’s daily deadline are transmitted that day. No separate account is required for international wires; all funding comes from the credit union’s Catalyst Corporate Cash Management Account.

Secure

Security measures include dual authorization, so that a teller can enter a wire, but approvals can be handled by the back office. Authorization limits are preprogrammed into TranZact. Wire transfers are submitted through TranZact, with additional security measures that include call-back verification thresholds and token-protected initiation and approval. The built-in SWIFT/BIC code check improves accuracy, and dual control minimizes credit unions' risk when sending high-dollar outgoing wires. Lastly, summary and detail reporting is available for 200 days to help credit unions monitor wire transfer activity.

Dinero. Quid. l'argent. Geld. Scharole. Kasse.

In today’s global financial landscape, it doesn’t matter how you say “money,” as long as you can send it! And now, with Catalyst Corporate’s International Wire Transfer Service, your members can send wires abroad with ease, expanding your service offering and boosting member satisfaction. 


For more information, be sure to sign up for Catalyst Corporate's upcoming webinar, International Wires with Disclosures, on February 26. Or, contact us directly to learn more.