Support wire initiation through APIs, files, branches and online channels, including Finzly's Experience Hub.
Enjoy out of the box compliance to messaging standards from ISO 20022, saving you from piecemeal migrations.
Fully automate processing and enjoy cost benefits, back-office efficiency and straight-through processing.
Take full control of wire processing using configurable workflows and event-driven approvals.
Returns, reversals, drawdowns and refusals automated end-to-end, increasing efficiency of processing.
Support for wire transfers using bulk files in Fedwire or native Finzly CSV format in addition to other channels.
Fedwire is a real-time gross settlement system operated by the Federal Reserve Banks that provides clearing and settlement services for high-value interbank transactions. It allows financial institutions to quickly and securely transfer large sums of money between each other in real-time.
In a Fedwire transfer, the sender's bank initiates the transfer and sends a payment instruction to the Federal Reserve Bank, which then forwards the payment instruction to the recipient's bank. The recipient's bank credits the funds to the recipient's account, and the transaction is complete. The entire process is completed in real time and the funds are transferred almost instantly.
There are several benefits of using FedWire, including:
FedWire transfers can be initiated through a financial institution's FedLine access device or through FedLine Web, the Federal Reserve Banks' secure web-based application. You must have a FedWire account at a Federal Reserve Bank and be authorized by your financial institution to initiate FedWire transfers.
There’s no longer a reason for your bank to lack competitive, technological advantages. Instead, you’re free to innovate at the speed of fintech so both you and your customers have the services you need to thrive in today’s world.
Banks that trust Finzly