New screening service for incoming wires rounds out
total OFAC solution

Catalyst Corporate has a new OFAC Screening Service for Incoming Wires that streamlines the process for identifying prohibited wire transfers. When combined with our existing OFAC Screening Service for Outgoing Wires, credit unions have a complete OFAC compliance solution for wire transfers inside TranZact.

Through February 28, 2021, your credit union can try the OFAC Screening Service for Incoming Wires at no cost. To activate one, or both, of these optional screening services, TranZact Admins can get started under CU Settings in TranZact.

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The new, automated service:

  • Screens incoming wires for matches with the Office of Foreign Asset Control’s Specially Designated Nationals or Blocked Persons (SDN) list
  • Reflects matches, or “hits,” in TranZact, where credit unions can review and decision those wires
  • Logs wire decisions with the wire in TranZact, where both may be easily viewed by authorized credit union employees

Beginning March 1, 2021, the service will be available at a nominal monthly fee.

For more information, or OFAC screening activation assistance, contact us today.