FedLink Wire Transfer System (Wire Transfer Automation)

FedLink Wire Transfer System (Wire Transfer Automation) With the onslaught of new regulations, financial institutions are faced more than ever before with numerous challenges meeting risk and compliance requirements. Ocean Systems provides a portfolio of software based solutions, regulator tested and proven over the last 23 years, which provides the tools necessary to comply with the regulations prescribed by FINCEN and other compliance regulations internationally.

Ocean Systems' Fedwire software application, FedLink, is a recognized leading solution for wire transfer automation and compliance monitoring. This position is demonstrated, by the significant roster of domestic and international user banks, and the consistent performance through numerous regulatory examinations.

Banks around the world, are mindful that a wire transfer is the primary instrument for criminal attempts at money laundering. As evidenced by the FFIEC Guidelines, banks are advised to integrate a sound wire transfer monitoring solution, in order to establish a comprehensive risk and compliance program.

Ocean Systems developed the FedLink Wire Transfer System, to automate the banks’ wire transfer operations and to address and strengthen their regulatory risk and compliance needs. As a Certified Vendor of the Federal Reserve, Ocean Systems continues to build on and evolve FedLink as a scalable integration of modules and components that address the banks' changing needs.

Ocean Systems maintains a reputation of delivering compliance solutions based on subject matter expertise, feature rich practical application of software technology, low cost of ownership, and unequaled customer support. This assures that a banks’ investment in Ocean Systems compliance solutions, consistently meet the dynamic and challenging regulation requirements, while protecting both the assets & reputation of the institution.

Overview of FedLink Modules

FedLink Anywhere – FedLink Anywhere simplifies the preparation of wire transfers for bank customers and branch personnel. Through the use of security configurations including multifactor authentication of customer requests, signature requirements, authorization limits, and dual controls, the process is

secured from customer to wire-room. Operational benefits include collaboration between CSRs, Officers and Backroom as well as the ability to expedite recurring transactions.

FedLink Direct Connect – FedLink Direct Connect connects to the Federal Reserve Bank bypassing Fedline Advantage. This allows banks with high volumes of wire transfers and short service windows to send and receive wire confirmations immediately, and receive incoming fed wires from the Federak Reserve Bank, throughout the day without operator intervention.

FedLink Multicurrency – The FedLink Multicurrency simplifies your international payment process by attaining Foreign Exchange (FX) Rates in real time. Through the use of preference configurations using tiers and margins, special FX Rates may be automatically assigned to specific customers and large payments. Validations are performed on all international payments to ensure compliance with payment routing rules related to the country of destination and ensure Straight Through Processing (STP) to the Beneficiary Bank.

FedMail Notifications – FedMail automatically notifies bank customers and branch personnel via email or fax when incoming wires are received or confirmations are obtained on outgoing wires. Notification templates may be customized to display any information in the wire, additional verbiage, and disclose transaction fees. FedMail also automatically advises customers with Dodd Frank Regulation E prepayment disclosures and payment receipts.

SWIFT Straight Through Processing (STP) – The SWIFT Interface Module works with FedLink to produce Straight Through Processing (STP) of SWIFT messages through Federal Reserve’s Fedwire system.

Conversion of SWIFT to Fedwire and vice versa is done to comply with SWIFT guidelines and Travel Rule requirements, and ensure Straight Through Processing for Correspondent Banks.

Ocean Systems Summary

Ocean Systems develops and provides AML monitoring and international payment software solutions for financial institutions to meet various regulatory risk and compliance obligations. These regulatory requirements are directed by a variety of Federal and State regulatory bodies, primarily the governments’ FINCEN and OFAC departments. Ocean Systems’ approach is driven by the development of solutions that are highly intuitive, automated and focused on meeting risk & compliance requirements without compromise. As an innovative AML software provider, Ocean Systems designs solutions that are rich in functionality, to deliver regulatory compliance while obtaining operational efficiencies, and a level of customer service unmatched in the industry.

This document provides a brief outline of the Ocean Systems’ FedLink Wire Transfer System. Each module incorporated within the FedLink Wire Transfer System is designed to eliminate security risks

while streamlining wire transfers.

Visit our website for more information and call us (305.667.1000) to schedule a FedLink demo, or for more information on our Compliance Solutions.