Explore our superior payment solutions

Wire Transfer Solution
FedLink provides a secure end to end payment platform that enables outgoing payments originated from various sources and applications to be validated, screened against sanctions lists, and posted, prior to release to the Fed, SWIFT, and FX providers. FedLink Anywhere provides branch personnel and customers a simple means to originate wires with the use of templates, and bank lookups that pre-fill beneficiary and intermediary bank information. Customer requests are secured and authenticated using electronic signatures and multi-factor authentication.
  • Controlled authorization on wires, NSF, Overdrafts
  • Online interface for posting to customer and GL accounts
  • Repair of incoming wires with automated returns and DRWs
  • Quick preparation and validation of outgoing wires
  • OFAC / Watchlist screening
  • Validation for FRB, SWIFT, Travel Rule, and Country Payment Rules
  • Country Code derivation of all wire participants
  • Disclosure compliance of all wire regulations including Reg E
  • SWIFT and Correspondent Bank Straight Thru Processing (STP)
  • Automatic daily ABA and OFAC downloads
  • FedMail Notifications
  • Comprehensive Search and Extract of wire information
  • Operational and Management Reporting of Wire Operations

Banks can purchase modules separately, or combine them to automate specific requirements. By integrating these modules within your core banking system, institutions achieve a paperless and automated process for wires and internal transfers. For added assurance, all customer or branch originated requests flow through an authorization process in accordance to your policies and resolutions of authority.

FedLink - Compliance Focused, Always Up to Date. For 25 years FedLink has complied with all related Fedwire and compliance related regulations, including OFAC, FinCEN 314a, Travel Rule, BSA Recordkeeping, Dodd Frank Reg-E 1073, FATCA, Cover Payments, and international payment guidelines.

FedLink is Comprised of the following Modules :

  • FedLink Wire Transfer Core System
  • FedLink Anywhere
  • FedLink Direct Connect
  • FedLink Multicurrency
  • FedMail Notifications
  • SWIFT Straight Through Processing

Discover all that the FedLink Wire Transfer System can do:

  • Integration Post in real time to your core banking system, all monetary entries related to transactions and related fees for payments originated from online banking, trade finance, cash management and other sources.
  • Reduce Service Times Thresholds and Routing Rules enable payments from different sources to be instantly authorized and routed via direct connections to the Federal Reserve, SWIFT, and FX providers, allowing your customer or respondent bank to receive confirmations within your service level agreements.
  • Compliance All outgoing and incoming wires are validated for Travel Rule, international payment guidelines, then screened for OFAC and other sanction lists. Consumer payments are properly disclosed in accordance with Dodd Frank Regulation E, and Regulation DD.
  • Simplify Originate payments using templates, bank lookups, auto fill on Receiver and Correspondent banks, and customer information. Automatic returns, and assignment of accounts on incoming wires.
  • Eliminate Mistakes Outgoing wires are validated for possible duplicates. International wires are validated to conform with country specific rules, SWIFT, and Foreign Exchange providers to reduce returns from foreign beneficiary banks.

For Inquiries and Prompt Customer ServiceFedLink complies and exceeds search requirements mandated by IRS Record Keeping Regulations. All transfer requests, both internal and wire transfers, are quickly accessible through the use of queries. Users may search wire transfer history by account number, name, beneficiary, reference number, amount, and date from any workstation in the bank. FedLink also provides reporting and customer advices that may be configured to suit your auditing and client disclosure requirements.

Security is Assured Data security is imbedded in every facet of the system. These consist of sign-on under seven levels of access, full audit trail of all data changes, record maintenance logs, and encoded files with encrypted fields to detect data tampering. Users authorizing wires are granted functionality privileges using a multi-level structure of authorization limits.

AML Solutions for FINCEN & BSA Compliance

When comprehensive monitoring matters ECS Enhanced Compliance Solution (ECS) is a comprehensive AML monitoring system designed to comply with the USA PATRIOT Act AML statutes and provides detection & documentation of fraudulent behavior. Our “hidden relationships” functionality in ECS, facilitates monitoring of behavioral patterns and transactional activity among persons and groups of customers. Signatories, beneficiaries and even non-customers that form part of customer relationships.

ECS' real time fraud monitoring module, RETINA, blocks fraudulent transactions while in process prior to release. Alerts can be easily managed through the use of concentric views of customers and their related parties and accounts, and drill-downs to access details on transactions such as Wires, SWIFT, and ACH.

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Watch List / OFAC / EDD Screening Software

When an in-depth scanning process makes the difference Our OFAC screening software delivers compliance-critical searches to reduce exposure while at the same time minimize false positives. Our OFAC / PEP Server, scans lists published by the USA Office of Assets Control (OFAC), the Bank of England (BOE), and other authoritative sources.

Designed to not only scan blocked entities, our OFAC Screening Software supports the banks’ Enhanced Due Diligence (EDD) process of their customers by searching lists of Politically Exposed Persons (PEP) and other designated entities. Our search history functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning client databases and transaction history.

Ocean Systems’ customized implementation & configuration, can process unlimited types of data based on your bank’s preferred options using an imbedded workflow technology, ECS can be deployed either centrally in the BSA Department, or across the branch network, so that account and relationship managers may participate as users and contributors of information

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FRB Certified wire transfer product, FedLink.

Providing Automation and Compliance - Discover our premier FRB Certified wire transfer automation product suite. FedLink streamlines your wire transfer operation, while ensuring compliance with all related regulations and international payment guidelines. Rich in feature functionality, with hundreds of satisfied bank customers, FedLink has always met all regulatory requirements since its inception in 1995.

The Straight Through Processing (STP) functionality allows customers and correspondent banks to submit payments and obtain confirmations within reduced service windows via direct connection to the Federal Reserve, SWIFT, and FX processors.

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ISO 20022

As a Certified Vendor of the Federal Reserve Bank (FRB), Ocean Systems is committed to fully support FRB’s ISO20022 global payment strategy. The Federal Reserve Banks are adopting the ISO 20022 payment standard to align the Fedwire Funds Service with other global payment exchanges.

Adopting the ISO 20022 message standard will improve the interoperability with other payment systems, enable Fedwire participants to comply with evolving regulatory requirements, and provide an expanded format to allow new payment services.

Ocean Systems’ migration strategy consists of new releases of its transaction processing applications, FedLink, ECS, OFAC Server, and RETINA, to support ISO20022

ISO 20022