As compliance officer, I have concerns offering wire transfer services through on-line banking. We use Jack Henry 20/20 as our core processor; and my understanding is that the wire transfers will be processed through the NetTeller System.

I have some questions for those who are currently offering this on-line banking service:

(a) what process do you use to authenticate customer ID?
(b) what steps have you taken to protect and maintain
security and integrity?
(c) what are your established limits?
(d) what is your pricing structure?

Your response is appreciated.

Lisa

We currently go through Fiserv's Premier e-corp and limit this activity to only a few customers.

Before we offered it, we did a slight risk assessment; similar to what we would do for them to do ACH origination. We established whether it was even necessary and what weaknesses would exist for that particular customer.

Then, we established to whom the wires were going to. All of our customers are generating reoccuring transfers. This way, if the wire person (yes, we only have one haha) sees anything that hasn't been created already in a template (Fedline DOS), then she does further verification by contacting the customer. For example, a customer routinely wires funds for their Payflex. We have it set as a template. If we see a request, it doesn't trigger anything for us. However, if we see a request that we haven't already established, we'll call to verify.

Hope this helps.