EFT GOLD FAQ | FPS GOLD

Key Information

What is EFT GOLD?

EFT GOLD is a wire transfer system that allows financial institutions to create, review, and handle wires in an intuitive, easy-to-use interface. With a direct connection to the Federal Reserve Bank, EFT GOLD lets FIs move money quickly and efficiently.

Is EFT GOLD real-time or batch?

EFT GOLD processes wires in real-time.

How does EFT GOLD submit wires to the FRB?

EFT GOLD uses the FRB’s Fedwire® Funds Service to send and receive wires in a matter of seconds.

Is EFT GOLD a Web-based or a desktop application?

EFT GOLD is Web-based and has been designed to function on any Web browser.

Will EFT GOLD operate on a desktop computer, laptop, tablet and phone?

Yes. EFT GOLD was designed to be responsive to devices of any size.

How would EFT GOLD connect to the FI’s core processor?

If an FI is not using the FPS GOLD® core solution, FPS GOLD will integrate EFT GOLD with any core provider through our powerful API (Application Programming Interface).

Will the FI need to maintain separate security for EFT GOLD?

No. With the ability to interface with external security systems such as Windows Active Directory, EFT GOLD can be tailored to fit your institution’s security model.

Is EFT GOLD ISO 20022 ready?

Yes. FPS GOLD has designed and developed EFT GOLD to be compatible with the standard.

What is ISO 20022?

ISO 20022 is a financial messaging standard that supports the end-to-end flow of payment information from the originator to the beneficiary. ISO 20022 payment messages support payment data and have discrete fields to carry specific data elements (e.g., longer name fields, address information, and structured remittance information). Additional payment data can improve straight-through processing and assist in compliance screening. The ISO 20022 message formats can also facilitate both cross-border interoperability and domestic interoperability between U.S. wire transfer systems and the SWIFT® messaging network.

How many wires can EFT GOLD process in a day?

EFT GOLD was designed for high volumes. Thousands of wires can be submitted and processed at one time.

How much does it cost to use EFT GOLD?

Pricing is based on volume and the number of users. Please contact FPS GOLD for a detailed proposal.

Wire Processing

Is transaction posting automated?

Yes. The transaction, any associated fees, and the G/L postings are all automated as long as the institution core supports automation. The FPS GOLD core is fully automated.

Can an SLA be set for a wire? This way a notification or alert can be sent when a wire is about to exceed a set SLA.

A new option could be added to allow institutions to specify their SLA for what constitutes a stale wire. A new alert category would then be added to allow individuals or groups to subscribe to stale wire alerts. As part of this, FPS GOLD will also add an option to the wire details to allow a wire release time to be specified on a given wire (e.g., a wire was entered in the morning, but you don’t want it to go out until the afternoon). SLA alerts would be tied to this timestamp if entered. If not entered, the SLA time would begin when the wire is submitted.

Can wire templates be created?

Yes. Utilizing templates provides the ability to quickly create and submit frequently sent wires, cutting down on data entry and the potential for mis-keyed information.

Can the FI’s current wire templates be converted so they don’t have to rebuild them?

Yes. This has been done in the past with other clients.

How often does the FI’s Fed Balance update?

With every completed wire or every 30 minutes if there is no wire activity.

Can the balance verification be turned off?

Yes. Currently, if a balance is not entered, EFT GOLD will not verify the balance.

Does EFT GOLD verify the receiver R/T number?

Yes. The routing number table is refreshed daily with the Fed.

Can drawdown requests be limited to certain users?

Yes. A new security group could easily be added to control this. An option could also easily be added to not require additional approvals once a drawdown request is handled.

Is there an option to automate approvals?

Yes. Auto approval rules can easily be defined using the EFT GOLD custom rules engine.

Will EFT GOLD “lock” a wire for editing if another user is currently editing/reviewing a wire?

Safeguards are currently in place to prevent a wire from being updated, submitted, or approved by more than one individual.

Can EFT GOLD verify duplicate wires?

Yes. An option is available for the institution to specify how many days in the past to scan the database to determine if a wire is a duplicate (same beneficiary routing and account and same wire amount). The user can then choose to proceed or stop the wire process.

Can documents be attached to the wire record?

Yes. Any type of electronic file can be attached to the wire record.

How long can documents be stored?

For as long as the FI requests.

Can EFT GOLD process a sweep?

Yes. If the FI’s core will allow it, the FPS GOLD API can send the sweep request.

Can EFT GOLD automatically process a G/L offset for each wire?

Yes. FPS GOLD will define and map the FI’s G/L accounts for the Fed and fee offset accounts.

Does EFT GOLD have a G/L offset for both foreign and domestic wires?

Yes. The FI can specify a different G/L account to offset to domestic, foreign USD, and foreign exchange transactions and fees.

Can the FI review account holder wire history?

Yes. Easily search for all wire history for an account holder or account by using the integrated search feature on the dashboard. A detail report can also be run through the reporting engine and then searched or filtered in Excel or similar software.

How does EFT GOLD record holidays?

All FRB holidays are predefined in the software. Institutions can add their own additional holidays if desired.

International Wires

How does an FI send foreign wires?

Using EFT GOLD, the FI would create, submit, and approve the wire the same as they would with a domestic wire. FPS GOLD would then format the wire to the specification of the FI’s correspondent bank and automatically send the wire to the correspondent bank to transmit to SWIFT®. FPS GOLD is also in discussions with multiple vendors to provide us with direct access to the SWIFT® network. With this in place, FPS GOLD will send foreign wires directly.

Can an international wire have a domestic R/T number?

Yes. This is automatically handled as part of the foreign wire process.

Does EFT GOLD verify SWIFT® codes?

EFT GOLD validates the foreign format. Verification of the foreign bank is currently being researched.

Does the FI have to use a specific correspondent bank?

No. FPS GOLD will partner with any correspondent banking group that the FI currently has a relationship with, as long as the correspondent bank can receive FedWire instructions and forward them as an international wire.

Does the wire have an IBAN field available?

Yes. IBANs are validated for correct structure based on the country selected.

Notifications, Disclosures, and Emails

Can EFT GOLD send emails or notifications to operators?

Yes.

Can an alert be sent to the account holder?

Yes. The FPS GOLD API will send the request to the core, and the email will be sent through the core’s CIF.

Can custom alerts be added?

The custom rules engine allows alerts to be generated to an individual or group email when specified conditions are met. Additional conditions or criteria can be added if needed.

Are the wire numbers unique?

Yes. Each number is unique and will never be duplicated.

Does EFT GOLD provide a reporting tool?

Yes. A built-in reporting tool provides the ability to create and generate reports in summary or detail, as a printed report, PDF, or a CSV download.

Does EFT GOLD track each step of the wire (for tracking efficiency)?

Yes. The date and time of each step is recorded.

Can reports be run on live data?

Yes. Custom reporting is available through EFT GOLD.

If the FI requires a second employee to call the account holder to verify the wire instructions, does EFT GOLD have a way to record that this call occurred?

Yes. Notes/memos can be entered on the wire details to indicate that this was done.

Regulation and Security

Does EFT GOLD automatically check OFAC?

Yes. If a wire is edited or modified in any way, OFAC is automatically checked again.

Regarding OFAC, what is customizable?

The FI can customize which fields are verified and whether to scan inbound and/or outbound wires. Additional options could be added if needed.

Is the OFAC timestamp on the detail wire report?

Yes.

What fields are checked during the OFAC scan?

Everything. A security officer can also choose specific fields not to be scanned if desired.

What OFAC provider does the FI have to use?

EFT GOLD can interface with any OFAC provider that provides a suitable API.

Can OFAC/BSA Sensitivity be adjusted?

Yes. As long as the OFAC provider supports it.

How does EFT GOLD manage repeat OFAC suspect matches?

EFT GOLD has an OFAC whitelist that allows users with proper security to add a suspect match to the whitelist so that it is automatically resolved for an institution-defined period.

Can the whitelist be edited?

Yes. With proper security.

How long does a name stay on the whitelist?

Names are kept on the institution’s whitelist for a period of time that will be determined by the FI. When that number of months has passed, the names are removed automatically and will be checked on future wires.

Is there any functionality regarding fraud detection, such as analysis of activity to identify unusual activity?

This is currently done via interfaces to third parties such as Verafin and Identity Mind. FPS GOLD is willing to create additional interfaces with other third-party BSA/AML vendors.

Can an FI set up security groups as well as individual user-level security?

Yes. EFT GOLD features several security groups as well as individual user-level security to allow organizations to customize security based on job roles.

Can an FI use its current security profiles?

Yes. Current security profiles can be integrated with an organization’s network security (e.g., Windows Active Directory) so that security can be managed in one place.

Can a security group be created for approving overdrafted accounts with no limits?

Yes. Additional, customized security groups can be added to EFT GOLD upon request.

Through security, can the FI limit a user’s ability to view or input wire information?

Yes. Security groups currently exist in EFT GOLD to limit this access.

Can an FI require two-factor authentication as a security protocol?

Yes.

APIs and Third Parties

What else does the EFT GOLD API do?

Every EFT GOLD feature and function can be accessed via an API. The EFT GOLD API was built to work seamlessly with best-of-breed OFAC providers, security modules, teller systems, mobile and Internet banking, and much more.

Can EFT GOLD integrate with any online banking provider?

Yes. The API architecture allows for a seamless integration with any online banking solution that can support a wire API.

With EFT GOLD, can the FI’s account holders submit wires through online banking?

Through the FPS GOLD online banking solution or an API to any online banking platform, EFT GOLD could allow both consumers and commercial customers to submit wires through online banking (desktop, mobile, and app).

What are the options regarding online wires? If an FI wanted to stay with its current online banking partner, could the FI still create and submit online wires to FPS GOLD for processing so the FI will only have wires going to FED from a single source?

APIs are in place to allow external sources to submit wires into the system. To date, this has been implemented from online banking, mobile, third-party payment systems, and teller platforms. FPS GOLD will work with any third-party vendor to allow them to access these APIs.

Can the FI give auditors inquiry access only?

Yes.

Would EFT GOLD replace Fedline Direct?

Yes. EFT GOLD would completely replace Fedline Direct and would allow the FI to terminate the connection and associated costs.

Disaster Recovery, Updates, Client Service, Etc.

What is the FPS GOLD disaster recovery plan?

The FPS GOLD DR site is in St. George, Utah (approximately 250 miles south of its headquarters and main data center in Provo, Utah). All data is duplicated in near-real-time (usually a matter of seconds depending on current volumes) at the disaster recovery site. FPS GOLD has three ISPs (with automatic failover) to ensure constant connectivity. The FPS GOLD Business Continuity Plan is available if requested.

How and where is data stored? Are there backups?

Data is stored in our data center in Provo, UT. All data is encrypted in transit and at rest. All hardware and virtual machines have automatic failover inside the Provo data center. Data is also replicated in near-real-time (usually a matter of seconds depending on current volumes) to our disaster recovery site in St. George, Utah. The FPS GOLD SOC1 and SOC2 reports as well as our PCI Attestation of Compliance are available at your request.

How does support work? Is there an online portal to submit tickets?

Client support is available 24/7. This includes basic support of EFT GOLD as well as operational support if there are questions about transmissions and communications to the FI’s core, online banking provider, correspondent bank, or the Fed. Each FI is assigned an account manager, who would also be available to you 24/7.

Does EFT GOLD have training modules?

Currently FPS GOLD provides a User’s Guide. FPS GOLD can build a custom training/learning module for the FI based on the roles and security of each user. This learning module would have associated tests and management reporting to ensure comprehension and proficiency.

How long does it take for development requests to be completed?

It depends on the project or request. With all development requests, FPS GOLD will identify the scope of the project and provide the FI with a target completion date and cost estimate, if applicable.

How often does FPS GOLD update the software?

Normally, scheduled updates to the software occur on the third Wednesday of the month at 3:00 a.m. MST. Critical updates can occur outside of this schedule as required.

Will updates to EFT GOLD happen automatically?

Yes. Because EFT GOLD is a Web-based application, the updates occur automatically when released.