Wire Transfer(Remittance) is an important service in a bank. It provides a convenient channel for a person to quickly and directly transmit money to a recipient anywhere in the world. Today, wire transfer is not only a necessary income generation service for a bank, but also helps banks expand their customer bases.
Simple, basic, and common a bank¡¯s remittance service may look, the transaction processing is very complicated. It requires the Operation department, the Remittance department and the Accounting department to closely work together and to process large amount of data among departments. In addition, the bank staffs need to know their bank¡¯s core banking system, the SWIFT system, the Chinese character processing skill, the telegraph code translation, and BSA and FDIC regulations. The entire remittance transaction process is a labor-intensive, error-prone, and time-consuming.
¡¡¡¡ ASTI/REMS (REMittance System) was designed to process, monitor, and manage all wire transfer transactions in accordance with the OFAC and your bank¡¯s Anti-Money Laundering Policy. The REMS system covers all necessary tasks in the remittance processing and can also be easily tailored to meet your bank¡¯s special remittance requirements. As a business operation assistant, ASTI/REMS helps bank officers eliminate or relieve a lot of tedious manual work in the remittance transaction processing. It increases their productivity and expands their business operations greatly.
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Major functions cover:
¡¡¡¡ ¡öE-form based system to speed up the process
¡¡¡¡ ¡öCustomer remittance information collection with the database support
¡¡¡¡ ¡öSpeed up/skip data entry task for existing customers/payees with data recall
¡¡¡¡ ¡öSeamless interface with core banking system
¡¡¡¡ ¡öMultiple level workflow control processing and monitoring
¡¡¡¡ ¡öRole-based system security control and management
¡¡¡¡ ¡öSupport OFAC and Anti-Money Laundering check based on the regulations
¡¡¡¡ ¡öProcess multi-languages and Tele code conversion
¡¡¡¡ ¡öInterface with the SWIFT system
¡¡¡¡ ¡öIntegrate with General Ledger of core banking system to post transactions
¡¡¡¡ ¡öSupport flexible account reconciliation batch processing
¡¡¡¡ ¡öGenerate reports for bank management and government
Key benefits include:
¡¡¡¡ ¡öIncrease customers satisfaction
¡¡¡¡ ¡öReduce man power needed to handle remittance transaction processing
¡¡¡¡ ¡öEnsure the compliance with the Anti-Money Laundering policy and regulations
¡¡¡¡ ¡öEliminate data reentry and reduce errors in the remittance transaction processing
¡¡¡¡ ¡öMulti-language support and auto Chinese characters ????Tele code conversion
Platform & System Requirements:
¡¡¡¡ ¡öNetwork infrastructure: TCP/IP based network environment
¡¡¡¡ ¡öServer machine: MS Windows 2000 or XP Professional, Unix, Linux
¡¡¡¡ ¡öDatabase: MS SQL Server, DB2, Oracle
¡¡¡¡ ¡öClient machine: MS Internet Explorer
