May 1, 2024

Payment Manager Automates Wire Transfer Process for Regional Bank – Saving Time and Reducing Errors

by Kent Brown in Digital Transformation , Payment Management 0 comments

This use case examines how a regional bank utilized PortX’s Payment Manager to revolutionize its wire transfer process, transitioning from a labor-intensive system fraught with redundancies and errors to a streamlined, automated solution.

The Challenge

The bank faced significant challenges in its wire transfer process. Tedious, manual steps involving multiple data re-entry and verification procedures slowed operations and increased the risk of errors and inefficiencies. For every wire transfer, the bank manually entered the details and emailed them internally, requiring another employee to re-enter the same information into a different system. The process necessitated another manual check before finally sending the information to the Federal Reserve. This convoluted process consumed valuable time and resources, detracting from the bank’s ability to serve its customers efficiently.

The Solution

Recognizing these challenges, the bank partnered with PortX to implement Payment Manager – a tool that allows financial institutions (FIs) to manage all payment channels on a single screen.

Key Components of Payment Manager:
Wire Initiation

The customer primarily initiated wires in one of two ways:

  1. Business Online Banking (BOB): Business customers could initiate wire transfers directly within the BOB interface. Payment Manager automatically processes these requests, conducts necessary checks, and seamlessly forwards the request for final processing.
  2. Branch Initiation: Customers visiting bank branches could have their wire requests processed directly at the teller’s window. The teller enters transaction details into the Wire Initiation Screen, and the system handles the rest, significantly reducing processing time and human error.

Whether initiated by a business client through the BOB platform or a bank teller at a branch, the wire details are directly inputted into the system.

Wire initiation screen – Staff utilize this screen to initiate a new wire transaction.
Supervisor Workflow

This component acts as the core of the automation, orchestrating the wire’s lifecycle from initiation to completion. It automatically performs checks for limits and compliance (such as OFAC), requires minimal manual intervention, and ensures all operations adhere to regulatory and internal standards.

Wire Task Activity Dashboard – Staff can manage wire exemptions, approve or reject wires, and repair and make OFAC decisions.
Wire Repair screen – Staff can select or enter beneficiary or receiving bank information. Built-in templates make some repairs a one-click task.

Integrated directly with the Federal Reserve, this component handles the actual transmission of wire requests, ensuring secure and timely processing.

Service Message Manager – Staff can easily read, reply, and compose service messages.

The Future and Why it Matters

The solution modernizes a critical banking function and sets a standard for operational excellence that benefits both the bank and its customers. By automating wire transfers, the bank ensures faster transaction times, enhanced security, and improved customer satisfaction. 

For the banking sector at large, especially for community banks and credit unions, this level of innovation and automation demonstrates the potential to remain competitive in a market increasingly dominated by technological advancements. Our customers have projected annual cost savings ranging from $150k to $280k due to automating payments.

This regional bank transformed its approach to managing wire transfers by adopting PortX’s Payment Manager. Contact our team today to schedule a demo or if you’d like to learn more about Payment Manager and automating your FI’s wire transfer operations.

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