Reliance Bank deploys Fiserv WireXchange

Fiserv attributes the increased demand for this product to the fact that wire transfers are complex and WireXchange automates the process.

The browser-based solution features one-time data entry to streamline every step in the wire transfer process, including verification, OFAC screening, posting to the host system, delivery to the Federal Reserve, and automated notification to customers and members. WireXchange features established integration to Fiserv account processing solutions for banks and credit unions.

"Our old process for handling wire transfers was manual and complicated. WireXchange from Fiserv allows us to automate the entire process, including reporting. It also gives us the ability to share data automatically with our compliance department and send automated emails to customers notifying them that their transactions have taken place," said Julie Todd, assistant vice president at Reliance Bank, which recently selected WireXchange along with a full suite of integrated solutions from Fiserv, including the Premier(R) bank platform.

Since July 2009, the number of Fiserv clients using WireXchange has doubled, from 200 to 400. WireXchange helps clients balance the need for efficiency and responsive service with the need to follow a highly secure and regulatory compliant process. Clients cite the efficiency-boosting automation and the streamlined data entry for reduced manual errors as key business benefits of the solution.

"WireXchange enables financial institutions to eliminate redundant steps and maintain compliance," said Dave Selina, segment executive at Fiserv. "The browser-based system does not require lengthy technology implementation, making it attractive to financial institutions for both cost and ease of use."