Another example of the Fiserv core competency in processing, the browser-based solution features one-time wire entry to streamline every step in the process, including verification, OFAC screening, posting to the host system, delivery to the Federal Reserve and automated notification to customers. As part of a recent enhancement, the solution now offers the ability to transmit internationally in U.S. dollars.
"WireXchange is an excellent alternative for performing wire transfers, one that enables financial institutions to eliminate redundant steps, reduce manual errors and ensure compliance," said Dave Selina, segment executive at Fiserv. "It's also attractive in terms of cost since the institution's investment in the browser-based system is minimal."
Legacy Bank started looking for automated handling of wires early in its history. Pam Olson, senior vice president of operations for Legacy Bank, said "As a new bank, we wanted to automate before demand grew too much; as we kept adding customers our wire operation became more labor-intensive. We consulted Fiserv first because of our experience with other Fiserv products and services and also to avoid issues with integration that could have arisen with other providers."
Following the implementation, Olson said, "Everything went great. Fiserv has been wonderful from beginning to end. They definitely have the install down to a science and there was not anything that was forgotten or not handled."
The 200th WireXchange installation coincided with the fourth anniversary of the product's first installations, at The F&M Bank & Trust Company of Tulsa, Okla. and Reliance Bank of Altoona, Penn.
"The WireXchange solution continues to serve us well," said Lori F. Pastore, vice president of deposit operations and electronic banking for Reliance Bank. "We love this product and look forward to future enhancements."