Fedwire & Foreign Exchange

Global Funds Exchange (GFX)
GFX Foreign Exchange (GFX²)
Global Securities System (GSS)

Overview | Security | Benefits | GFXN | Frequently Asked Questions

GFX Security & Compliance

When moving money, nothing matters more than keeping it safe, whether you're using an armored car to transport cash or an electronic network to make wire payments. BankServ has fortified its network to be an electronic armored car that you can trust to get your customers’ money where it needs to go.

BankServ is regulated by the same agencies that oversee the banking industry, including the FDIC, OCC, FFIEC and OTS, and undergoes annual SAS 70 Type II audits. In our software, we include safeguards for our clients that make sure every transaction complies with the numerous regulatory standards for auditing and reporting for financial institutions.

Some of the steps we've taken include:

Access controls: All users log on with a unique ID and password, and GFX keeps a history of all transactions processed by each specific user. Each user can only access the functions s/he is authorized for, and both daily and per-transaction limits can be set for each user -- as well as across your entire system.

Dual control for outbound wires: Dual control is the standard setting for GFX, and related features like user history and audit logs ensure that a record exists of exactly who handled each wire transaction, every time. Records are archived in BankServ's database and can be accessed as needed for a seven-year period.

Data validation: All data fields are checked before a transfer is carried out to prevent mistaken entries, duplicates and/or misrouted transactions. Account balances are also checked to ensure sufficient funds exist to execute a payment.

Adjustable security parameters: GFX is highy configurable, allowing each institution to define security restrictions and thresholds to meet its own security policies.

Built-in regulatory compliance: GFX was designed to simplify compliance on both ends -- screening transactions as they're processed and keeping accurate records for reporting purposes. BankServ's software automatically checks wire transfers against the OFAC watch lists, maintains the records and audit trail information mandated by the Bank Secrecy Act, and is continually updated to comply with relevant federal regulations.

Contact sales for more information.