Wires
Smart, secure wire submissions.
Incoming and outgoing wires in one place, with a standard set of alert rules you can adjust, the approval and verification steps that follow from them, and the whole history on every wire.
Wires Home
Outgoing and incoming wires each have their own section. Your outstanding wires are listed with who sent what to whom, when it was submitted, the amount, and where it stands. On hold, ready to process, pending approval.
Pending Wires shows a count of everything waiting on you to verify, approve, or process. A new wire starts from here, from a profile, or from Wire Search across a date range.
- Outstanding wires with their status
- Submitted date and amount on each
- A count of what is waiting on you
- Start a wire, or start from a profile
- Search a date range across both
- Export or print what you find
The Wire Request
The form follows the shape of the payment. Basic information, debtor, debtor agent, creditor, creditor agent, intermediary, and finalize, each on its own step.
What is still missing is counted in the corner as you work, and selecting an item goes straight to the field. Your wire instructions and fees sit beside the form, so the account and transaction codes are in front of whoever is entering it.
- Step by step, from start to finish
- Missing items counted as you go
- Jump straight to a missing field
- Save on hold and finish later
- Wire instructions beside the form
- Domestic and international fees
Alerts
Alerts are raised as the wire is being entered, not after it has gone. Each one has its message, whether it forces approval or verification, and what actually fired it, down to the field and the threshold it crossed.
A pattern alert explains itself at length. An elder exploitation alert gives the customer's age, that the amount is outside their normal debit activity, that they have never sent funds to this creditor before, that the wire would leave the account near empty, and how many transactions were analyzed to work that out.
- Every alert on the wire in one place
- Your own message on each alert
- Whether it forces approval or verification
- The rule that fired, spelled out
- Prior debit and wire activity analyzed
- Reasoning hidden where it should be
Alerts and Rules
A standard set of alerts is there from day one, and you add your own from any of the conditions below. What a triggered alert does is your call. Stop the wire from being submitted, require approval, require two approvals, or require verification.
An alert can also stay out of the teller's way and just send email, which is how a compliance team hears that a customer on the risk monitor list has sent a wire.
The wire is stopped while it can still be stopped.
Approvals and Verification
Every step a wire has to clear is laid out in order, with the one waiting on you marked. Beside it sits why approval is required and why verification is required, in the words of the alert that asked for them.
Verification records that the customer was actually contacted. Wire limits are set per user, capping what they can submit before the wire needs approval and what they are allowed to approve.
- Every step shown in order
- Who cleared it, and when
- The reason for each requirement
- A decision and comments on the step
- The wire summarized beside it
- A wire limit for every user
- 1 Enter The debtor, the creditor, and the agents in between.
- 2 Alert Rules run on the wire and say what they found.
- 3 Approve One approver, or two where the rule says so.
- 4 Verify Contact the customer, record who and how.
- 5 Process Marked complete, or sent back to be fixed.
After Submission
A submitted wire shows who submitted it, whether it has been voided or marked as fraud, what is attached to it, and which step it is sitting on. An approver who spots a mistake returns it to the person who entered it.
A wire found to be fraudulent is marked as such and stays on the record. BNControl uses it from then on, so a later wire carrying the same characteristics raises a known fraud alert before anyone submits it.
- Returned to the original user
- Voided with a reason, and restored
- Marked as fraud, or marked returned
- Attachments kept on the wire
- Printed at any point
- Known fraud feeds later alerts
Regulation E
BNControl recognizes a wire that meets the definition of a qualified remittance transfer, and says so on the form. Complete the exchange rate, the other fees, and the taxes, then print the prepayment disclosure and the receipt from what was entered.
- Qualifying wires recognized on the form
- Exchange rate, fees, and taxes
- Prepayment disclosure printed
- Receipt printed from the same figures
- Your own receipt disclosure text
- Purposes marked as needing a disclosure
Wire Profiles
A customer who sends the same wire every month does not need it entered from scratch every month. A profile holds the instructions once and starts a new wire request already filled in.
Profiles are built from nothing or created from a wire that has already been submitted, which is usually easier. They can be copied, edited, deleted, and the whole list exported. Starting a wire from a profile is its own permission, separate from maintaining the profiles.
- Outgoing and incoming profiles
- Created from a submitted wire
- Copied to make a similar one
- The full list exported
- Its own permission to use
- Alerts still apply on every wire
Making the Form Yours
Every field on the wire form can be relabeled, given a default, made required, hidden, or left off the printed copy, and separately for outgoing and incoming wires. Front-line staff and back-office staff can even be shown different labels for the same field.
The lists behind the form are yours as well. Purposes, payment methods, request methods, the debtor identification methods, and the receiving currencies, which come from the ISO 4217 codes and are ordered the way you want them. Signature lines are added and ordered for the printed form, and where the hardware supports it a signature is captured on the spot.
- Labels, defaults, and required fields
- Set separately for each direction
- Purposes, payment and request methods
- Receiving currencies you choose
- Signature lines and a signature pad
- Disclosures and PDFs on the printed form
Caught at the Counter
Duplicates, creditor changes, amounts outside the customer's pattern, and elder exploitation indicators are raised while the wire is still on the screen rather than in a report the next day.
Your Controls, Not Ours
The rules arrive ready to use, and you decide what each one does when it fires and what every user's limit is, so the approval and verification a wire goes through is the procedure you already have.
The Whole Story
Who entered it, what alerted, who approved, who was contacted to verify, and every change since, all on the wire itself when an examiner asks about it.
Are you ready for a demo?
See BNControl for yourself. We'll show you the modules you're interested in and answer questions along the way.