Wire Transfer
How CORE’s revenue and payment platform expedites outgoing payments.
First, you might be asking how a wire transfer can help my payment acceptance needs. CORE has over 30 years of specialization in payments & revenue management and wire transfers are a natural extension of our platform’s capability.
Wire transfers, also referred to as bank transfers, simply direct transfer of funds from one bank account into another. A customer is transferring funds from their account into yours. Not so fast, there’s more involved. Outgoing payments originated from various sources require validation, such as being screened against sanctions lists and other federally regulated requirements. That’s where CORE comes in.
Managing payment acceptance and compliance
Our solution integrates seamlessly with your cashiering and back-office systems. We help you consolidate information in one place, eliminating errors and reducing risk. Most importantly, we’ll manage the compliance for you. All transfers are validated and screened based on regulations removing you from having any concerns about compliance or validity.
How does it work? Is it secure?
- Your customer completes the checkout process and elects to pay via wire transfer
- The agency or business provides its bank account details securely to the customer, typically along with a unique transaction identifier
- The customer instructs their bank to transfer the relevant amount to the business’ bank account, including the unique reference code to indicate the purpose of the transfer
- The customers bank transfers the funds to the agency or business’ bank
- The agency or business receives the funds into their account, noting the unique transaction identifier
Throughout the transfer process all financial information is completely secure with data encryption.
Reduce expenses, boost productivity, and save time
Customers today want a streamlined online payment experience, quick transactions, 24/7 access, and personalized services. Our wire transfer solution is scalable to your systems, and we’ll manage every step in the process. Wire transfers are safer than sending a check because funds availability has to be verified before initiation occurs. Plus, the need to wait for funds to clear is eliminated. We give you:
- Seamless integration with existing back-end systems
- Security and regulatory compliance
- Customization based on your unique requirements
- Web-based wire transfer system
- Comprehensive reporting
A wire transfer solution from CORE helps you to improve operational efficiencies, increase revenue, and automate the collections process.
