About EZWire

Affordable Wire Solution for Banks of All Sizes

The EZWire funds transfer system is an automated wire collection and management solution with the following benefits:

1. Enhances compliance with the Patriot Act and other government regulations
2. Meet BSA recordkeeping requirements
3. Automates wire approval process
4. Interfaces with cash management and other third party systems
5. Provides an affordable solution
6. Reduces labor costs and allows banks to easily scale up wire operation
7. Improves customer service by eliminating errors and improving efficiency

1. Enhances compliance with Patriot Act

The Patriot Act requires all banks verify that money is not being moved between suspected terrorists on the Office of Foreign Assets Control's (OFAC) list. The federal government's recommended method for compliance is an automated system that flags all senders and receivers who potentially match a name on the OFAC list. We incorporated intelligent OFAC checking software into EZWire to help banks implement the recommended method for compliance.

2. Meet BSA recordkeeping requirements

EZWire collects and maintains comprehensive information about each wire request, including all means by which the wire sender has been verified. EZWire also tracks all subsequent changes, who made them, and when they were made. By consolidating this information into a wire transaction data warehouse, we are able to offer comprehensive reports about the bank's wire function, meet BSA requirements for recordkeeping , and simplify audits.

3. Automates wire approval process

Once the customer service representative (CSR) submits the wire request, EZWire routes the wire to designated bank officers for approval.  Upon receiving all necessary approvals, EZWire submits the wire for processing and delivery to FedAdvantage.

4. Interfaces with Cash Management and Other Third Party Systems

With a plug-in architecture and a powerful import/export mechanism, EZWire can interact with any number of third party systems, including Cash Management, FedAdvantage, and Core Banking Systems.

4. Provides an affordable solution

New and better technologies enable us to bring to market an affordable solution for banks large and small. From wire templates and ABA look-up to approval automation and OFAC checking, EZWire is loaded with features to automate the most expensive and error-prone parts of processing a wire transfer.  Regardless of your size or budget, Digital Bankworks offers a compelling ROI for your wire operations.

5. Reduces labor costs

EZWire automates the collection, approval, and processing of outgoing wires, and eliminates the need to re-enter wire information into FedAdvantage and other systems. EZWire can also import incoming wires from FedAdvantage and efficiently process them with limited interaction from wire room staff.  From our analysis at a regional bank using a paper-and-fax method, branch and call center representatives concluded they could save 5 to 7 minutes per transaction using an automated system. This translates to 8.3 to 11. 7 hours a day saved for a bank with 100 outgoing requests. The time saved can be spent marketing new bank products, understanding the customer better, or servicing other customers. At the same bank, the wire room estimated they could save 50% of their time, which can be reallocated to other payment processing activities.

6. Improves customer service

The bank customer wants faster, hassle-free service. EZWire delivers on this goal by automatically looking up ABA information, validating entered information, and eliminating back office delays. Additionally, customer service personnel can easily retrieve up-to-the-second status of wires to answer customer inquiries.

These videos cover the features and functionality of the EZWire 2011 system. Click here to start the video demonstration >