Wire Transfer Approval

The Wire Transfer Approval Accelerator connects with central banking systems and OFAC to simplify the approval procedure. It gets rid of the need for manual asset verification and compliance checks and guarantees the timely dispatch of outgoing foreign and domestic wire transfers by notifying and assigning tasks. The program can be tailored to conform to different banking policies while complying with BSA and AML regulations. Financial institutions can implement precise management of user access and permissions to make sure that only authorized users with the proper credentials can initiate, approve, reject, and transmit wire transactions.

Glossary of Terms

Configuration

Once installed, navigate to the Wire Details dashboard and set up the settings. Additionally, the OFAC API key will need to be saved.

• OFAC
• Configure Settings
• Groups

Embedding the Form

The Form can be used on an external page. Follow the article on Embed a Form in a Web App to achieve this implementation on the Main Flow: Wire Transfer Request Approval.

Run the Flow from a URL

Flows can be run using a URL. This can be accomplished on the Primary Flow, Wire Transfer Request Approval, or on the sub-Flow, Wire Request Logic. Follow the Running a Flow from a URL article to achieve this.

Configuration

Groups 

A separate folder is created in Decisions called "Wire Transfers Approval Groups". Add the appropriate users to their corresponding Groups to be able to initiate the process.

OFAC API

OFAC API is a developer-friendly AML & KYC screening API.

Sign up for the OFAC Trial Account to receive an API Key through the email provided. Update the System Constant "OFAC ApiKey" by navigating to System > Designers > Lookup List and Constants. Select and edit the OFAC ApiKey and paste the API Key that was retrieved in the email. 

Setup Rest Service

#	Step Instructions	Screenshot
1	Create a Rest Service for OFAC and then add a Service Method. In the New REST Service Method dialog, enter a Name for the method and type "v3" in the URL (Relative to Base) field. Click the drop-down list for HTTP Method and select POST.  Select JSON for the Content-Type field and Request Body Format field as Get String from Flow and Output Type as Raw.
2	Create a Type from JSON. Provide a Name and Namespace, and set it to Allow Nullable Values. Paste the JSON Structure in the JSON Structure textbox. { "error": true, "errorMessage": "string", "sourcesUsed": [ { "source": "string", "publishDate": "string" } ], }
3	Once the JSON Data Structure is created, all child structures are created automatically.

The OFAC API is used with the OFAC Verify Account Holder and Beneficiary Flow and the Process OFAC Return Matches Truth Table.

Flow Name	Description	Screenshot
Verify Account Holder and Beneficiary Flow	This Flow captures OFAC responses based on photo ID type. The options are passport and driver's license, each with a separate case list. The Flow checks the ID type, filters passport cases based on conditions, and deserializes the response from the OFAC Integration in the Form for JSON using an API Key. SubFlows send the user the response and deserialize it for the account holder and beneficiary properties. The Flow also removes null addresses and displays an error message. Finally, the user takes the max score from the case list for Account Holder and Beneficiary properties, and these values are stored in the OFAC response data structure.
Process OFAC Return Matches Truth Table	A truth table is created to get failed reasons from OFAC based on different requirements. Account Holder OFAC Score Greater than or equal to 95. (Failed OFAC) Not having the Core System Account Holder's Full Name. (Sender not authorized on account) Account Holder Account Number is not available. (Account Number not Found) Beneficiary OFAC Score greater than or equal to 95. (Failed OFAC) Available Funds greater than equal to the total wire amount. (Insufficient Funds) Matching Funding In Minimum Days is false. (Available Funds Not Verified).

Configure Wire Approval Settings

This Form configures the settings for a Wire Transfer Approval. Adjust the settings based on the Project needs and then select SAVE SETTINGS to create the data in the Database for Configuration Settings.

Action		Description
Second Signature		An Authority Limit Truth Table defines where different personas have different limits for wire amount transfer. A Second Signature is needed if the transferred amount is greater than or equal to the given amount in the truth table.
	Prior API Authentication	When a user initiates a wire request, it is sent to a reviewer for second signature approval or rejection. If the request is approved, it then undergoes API authentication.
	After API Authentication	Before a wire request undergoes second signature approval, it first undergoes API authentication. If the request fails this authentication process, the initiator will receive an email listing the possible reasons for rejection.
	Both Prior and After API Authentication	After a user initiates a wire request, it is sent to a reviewer for second signature approval. If the reviewer approves the request, it then undergoes API authentication. If the request is rejected at any point, the initiator will receive an email detailing the possible reasons for the rejection.
Authority Limits		Navigates to the Authority Limits Truth Table. Here user can modify the data.
Authority Assignments		Navigates to Authority Assignments Truth Table. Here user can modify the data.
Domestic Escalation Time		This represents the cutoff time for Domestic Wires. A Critical Notification will be sent 1 hour prior to the set time for Domestic Wires.
International Escalation Time		This represents the cutoff time for International Wires. A Critical Notification will be sent 1 hour prior to the set time for International Wires.
Account Holder Signature
	Wet Signature Only	A physical signature is made on a paper document.
	E-Signature Only	A digital signature made using electronic means.
	Wet and E-Signature Only	Will require both Wet and E-Signatures from the account holder.
Disclosure File Upload		Upload a file to use as a Disclosure to send with each wire transfer request.

Workflow Catalog: Wire Request

The Wire Request process is started by navigating to the Workflow Catalog, expanding Wire Transfer Approval, and selecting Wire Request. This Flow will display the Wire Transfer Request Form that allows an end-user to provide details regarding the Wire Transfer. 

The Form collects information for wire transfer requests, with options for Domestic or International transfers. The Form adapts to show/hide certain fields depending on the user's choice. Domestic transfers have a fee of $25. International transfers have a fee of $35 and require the intermediate bank checkbox and swift code box. Validation errors occur if required fields are left blank or if the entered information does not match. If an amount exceeds the Authority Limits table, a second signature will be required. The user confirms submission before submitting the Form.

Once the Form is submitted, it is available to view on the My Wire Requests Page.

Wire Details Dashboard

This Dashboard consists of two tabs Wire Transfer and Archive. On the Top of the Dashboard, it has a Date range filter that can sort the Wire Transfer Report according to the submitted date.

WTA Exceptional Handling Dashboard

The dashboard tracks exceptions for the project and is part of the user's workflow catalog, allowing the user to take action through the portal. It includes counts of open and total exceptions and displays this information through graphs and a pie chart showing exceptions by the project.

Core System: Jack Henry

Jack Henry helps in advocating and innovating integrations for the financial institutions and their account holders, which helps in deepening the relationship between the people and financial institutions. View Jack Henry Documentation for more information on the API.

A Test Account should be created in Jack Henry. In the Test User dashboard, gather test information related to Username, Email, SSN, CIF, Checking Account, Savings Account, Client ID, Client Secret, and Primary Redirect URL.

Garden is also available to connect to for further testing. The same credentials should also be applied in the Garden to make the account accessible.

Below is some of the information of the end users, which is beneficial for the financial institutions that will help in conducting Wire Transfer Approval and also help in storing wire details information.

• Matching Funds Available in Account X Amount of Days
• Account Holder matches the wire requestor
• Initiator Identification
• Requestor Phone Number
• 9 Digits Routing Number
• Receivers Bank Address
• Receiving Bank Name
• Receiving Bank Account Number
• Receiving Bank Address
• Recipient Name

List of APIs to Retrieve the Above Information

• User Search to gather account information
• Institution Routing Number Details to gather Routing Number.
• Institution Details to gather the Phone Number of the user.
• External Transfer Accounts to gather the Receivers Account Number.