fiVISION Wire Transfer Automation Increases Efficiency
fiVISION has launched a new process automation tool in its MEMBERworks platform to improve workflow and cut workload to process Wire Transfer requests. The new Wire Transfer Automation module that integrates the process of becoming a new member and getting a loan approval at the same time. The new module simplifies and streamlines the processes associated with capturing, approving, and sending wire transfer requests from members. This process also has the capability of “auto-approving” a member’s request in real-time while alerting staff to investigate other requests before processing.
The new module, launched initially at Digital FCU ($3.9 billion; 331,202 members, Marlborough, MA) is shaving several minutes off the processing time of each request. According to Craig Roy, Vice President of Support Services for Digital Federal Credit Union “We process a lot of wire requests – and the automation features in this new module are very smooth, and allow us to focus on the exception items in our daily operations. It also helps our staff do a better job more efficiently, saving us costs in the long run while maintaining a high level of service.”
The module benefits credit unions like Digital by streamlining and simplifying the entire wire transfer process, increasing compliance, reducing risk (through automated security, fraud and OFAC checks, etc.), focusing staff effort on items that need attention and automatically processing those that don’t. This process significantly reduces the required work effort by having the system automatically perform steps that staff had to perform manually – often cutting the workload in half.
In addition to reducing the workload, fiVISION’s Wire Transfer Automation Module can be used as a standalone tool without requiring the use of the full memberWORKS CRM system. Wire transfer requests can be submitted
by staff or by members directly through fiVISION’s “Online Service Request” technology. Maximum benefit using the module is gained with host integration, but significant processing efficiency can be gained without integration to the host processor.