Service Updates

Catalyst Corporate can fulfill the role of an on-demand back-up wire transfer processor should a credit union encounter wire service disruption through the Federal Reserve Bank. A credit union simply completes the appropriate agreements in advance with Catalyst Corporate and the Federal Reserve Bank. In a contingency situation that prevents a credit union from retrieving incoming wires through the Federal Reserve Bank, the credit union can contact Catalyst Corporate and the Federal Reserve Bank to have its wires redirected to Catalyst Corporate. The credit union then is able to view its wire transactions in TranZact and post wires manually to its core system. Outgoing wires also can be sent through Catalyst Corporate during a contingency situation when the credit union sets up users in TranZact.

A new service provider – Banker's Toolbox – was added to Catalyst Corporate's BSA (Bank Secrecy Act) File Service for wire transfers. The BSA File Service automates the transfer of domestic and international wire files from Catalyst Corporate to a secure ftp site, where a credit union can retrieve them for uploading into the BSA software. Wire files are formatted specifically for the Banker's Toolbox software application to ensure a smooth upload. Automating the file transfers reduces the credit union’s manual involvement in the process and shortens the time to completion for credit union BSA reviews. The BSA File Service is also available for Verafin and Patriot Officer BSA software applications.