secure & legal transactions around the world
Post on 14-Jul-2015
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FedLink: Facilitating
Fast, Secure & Legal
Transactions Around The
World
What Is Wire Transfer?
Wire transfer is a means of transferring funds electronically from one person or financial institution to another. Wire transfers
help facilitate modern banking and commerce, as they are nearly instantaneous, whereas paper-based methods of commerce
and finance take much more time and expense to facilitate.
Wire transfer is especially important to international finance and commerce and is tightly regulated. To ensure transfers are
secure and comply with the law, dependable, top-quality wire transfer software is essential. Ocean Systems, Inc.’s FedLink
software products meet the challenge of data security and legal compliance, providing users with a rock-solid product for
facilitating wire transfers.
What Is FedLink?FedLink is a series of software
products that facilitate wire transfers
by automating much of the process.
FedLink handles many of the
compliance aspects of international
transfers of money, and also
secures and facilitates transactions.
FedLink helps automate large
volumes of funding transfers and
also makes international transfers of
money easier by obtaining foreign
currency exchange rates in real
time. The software is
scalable, allowing institutions to buy
exactly the level of services they
need.
FedLink offers a variety of
software applications beneficial to
financial institutions executing wire
transfers. The FedLink Family of
products consists of:
• FedLink Anywhere
• FedLink Direct Connect
• FedLink Multicurrency
• FedMail Notifications
• SWIFT Straight Through
Processing (FTP)
FedLink Products
FedLink AnywhereFedLink’s Anywhere Application
makes preparing wire transfers
easier for banks and their
customers. The software uses a
variety of security measures
including signature
requirements, multifactor
authentication, limits on
authorizations and dual controls to
ensure the safety of the entire
transaction from start to finish. The
end result – faster transfers and
better communication and
collaboration among financial
institution personnel.
FedLink Direct
Connect
FedLink Direct Connect gives
clients a direct line to the
Federal Reserve
Bank, allowing them to skip
over FedLine Advantage. For
banks with a high volume of
wire transfers and limited time
to send and receive
confirmations, this streamlined
process helps them keep up
with client demands.
FedLink’s Multicurrency application
makes international payment easier
by acquiring the exchange rate for
foreign currency in real time.
Clients can adjust program
configurations to assign special FX
rates for specific customers or
large transfers. The entire process
is validated by the software to
ensure it complies with the law and
also provides straight through
processing to the transfer’s
beneficiary.
FedLink
Multicurrency
FedMail provides instant
notification to bank customers and
personnel of when incoming wires
are received or when outgoing
wires have been confirmed. Clients
can customize these notifications to
provide other relevant information
as well. The program also
automatically notifies customers
with pre-payment disclosures and
payment receipts as mandated by
Dodd-Frank.
FedMail
Notifications
SWIFT STP
Swift straight through processing cooperates with
FedLink to ensure appropriate processing of SWIFT
messages. This helps ensure straight through processing
as required by law.
Current With New Regulations,
Ocean Systems FedLink transfer system keeps abreast
of all federal regulations, ensuring that your institution
remains in compliance with the law. In July 2013, Ocean
Systems updated all affected FedLink modules to comply
with Dodd-Frank Act section 1073, subpart B, regulation E.
• Better service. FedLink ensures that all Federal
Reserve wire transfers are safe, from origination to
destination. The software provides immediate
processing and properly documents all entries to
client accounts and the general ledger.
• Fast. FedLink works to quickly facilitate wire
transfers, connecting to FedLine Advantage. With
FedLink, bank personnel can set up and authorize
orders, as well as access pertinent information from
designated workstations in their bank.
• Compliance. FedLink keeps institutions compliant
with OFAC and other Sanctions Lists Outgoing. By
staying in compliance with the law, banks and
financial institutions can avoid costly fines and fees.
• Completely paperless – FedLink allows for a truly
paperless and efficient wire transfer process.
• Accuracy – FedLink helps eliminate costly mistakes
by matching wires to accounts and creating detailed
documentation of transactions.
Why Use FedLink?
About Ocean Systems, Inc.
Ocean Systems, Inc. develops electronic funds transfer software for the financial industry. OSI produces a number of software applications, including FedLink, the OFAC EDD Server and the Enhanced Compliance Solution to meet client needs for transfer and compliance solutions. Headquartered in Miami, FL, OSI has been in business since 1991 and its products are used in more than 220 installations in the U.S., Europe, Central America, South America and the Caribbean.
Photo credit: All photos courtesy of client website, iStockPhoto, Wikimedia Commons and Morguefile.
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