Fedwire & Foreign Exchange
Global Funds Exchange (GFX)-
GFX Foreign Exchange (GFX2)
Global Securities System(GSS)
Overview | Benefits | Frequently Asked Questions
GFX2 Benefits
Consolidation: Traditional methods of processing international payment might require the same transaction to be entered into as many as five separate programs — one to send a domestic wire payment, another to initiate a message on the international SWIFT system, a third to screen the transfer against the OFAC government watch lists and a fourth to generate customer fees, before finally entering the data into your bank’s host accounting system.
GFX2 carries out all five steps at once, not only saving time and expense, but also ensuring that all your records are accurate and up-to-date.
Competitive rates: Your bank gets competitive rates on more than 40 foreign currencies, and a wide variety of options lets you build in your own margin on every transaction.
Real-time quotes: Lock in an exchange rate when you initiate a transaction; there's no guessing about whether price fluctuations will affect how much foreign currency will actually end up in the recipient’s account.
Instant settlement: A funding wire is sent at the time each transfer is initiated, so your account balance always remains up-to-date. There's no need to settle all your transactions at the end of the day.
Security and compliance: Every transaction is screened for OFAC compliance, and audit logs are maintained in accordance with the Bank Secrecy Act. Access to your system is protected by the same security features that are already in place in your GFX software.
Built-in edit checks: GFX2 automatically checks each transaction against specific business rules to make sure that all the necessary data is present beforepayment is sent, dramatically cutting down on missing data or other errors that stop transactions from going through.
New revenue streams: Automating your foreign exchange system gives customers a more complete array of financial services, as well as letting your bank turn a profit.
