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.
EFT GOLD processes wires in real-time.
EFT GOLD uses the FRB’s Fedwire® Funds Service to send and receive wires in a matter of seconds.
EFT GOLD is Web-based and has been designed to function on any Web browser.
Yes. EFT GOLD was designed to be responsive to devices of any size.
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).
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.
Yes. FPS GOLD has designed and developed EFT GOLD to be compatible with the standard.
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.
EFT GOLD was designed for high volumes. Thousands of wires can be submitted and processed at one time.
Pricing is based on volume and the number of users. Please contact FPS GOLD for a detailed proposal.
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.
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.
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.
Yes. This has been done in the past with other clients.
With every completed wire or every 30 minutes if there is no wire activity.
Yes. Currently, if a balance is not entered, EFT GOLD will not verify the balance.
Yes. The routing number table is refreshed daily with the Fed.
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.
Yes. Auto approval rules can easily be defined using the EFT GOLD custom rules engine.
Safeguards are currently in place to prevent a wire from being updated, submitted, or approved by more than one individual.
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.
Yes. Any type of electronic file can be attached to the wire record.
For as long as the FI requests.
Yes. If the FI’s core will allow it, the FPS GOLD API can send the sweep request.
Yes. FPS GOLD will define and map the FI’s G/L accounts for the Fed and fee offset accounts.
Yes. The FI can specify a different G/L account to offset to domestic, foreign USD, and foreign exchange transactions and fees.
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.
All FRB holidays are predefined in the software. Institutions can add their own additional holidays if desired.
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.
Yes. This is automatically handled as part of the foreign wire process.
EFT GOLD validates the foreign format. Verification of the foreign bank is currently being researched.
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.
Yes. IBANs are validated for correct structure based on the country selected.
Notifications, Disclosures, and Emails
Yes. The FPS GOLD API will send the request to the core, and the email will be sent through the core’s CIF.
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.
Yes. Each number is unique and will never be duplicated.
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.
Yes. The date and time of each step is recorded.
Yes. Custom reporting is available through EFT GOLD.
Yes. Notes/memos can be entered on the wire details to indicate that this was done.
Regulation and Security
Yes. If a wire is edited or modified in any way, OFAC is automatically checked again.
The FI can customize which fields are verified and whether to scan inbound and/or outbound wires. Additional options could be added if needed.
Everything. A security officer can also choose specific fields not to be scanned if desired.
EFT GOLD can interface with any OFAC provider that provides a suitable API.
Yes. As long as the OFAC provider supports it.
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.
Yes. With proper security.
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.
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.
Yes. EFT GOLD features several security groups as well as individual user-level security to allow organizations to customize security based on job roles.
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.
Yes. Additional, customized security groups can be added to EFT GOLD upon request.
Yes. Security groups currently exist in EFT GOLD to limit this access.
APIs and Third Parties
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.
Yes. The API architecture allows for a seamless integration with any online banking solution that can support a wire API.
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).
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.
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.
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.
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.
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.
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.
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.
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.
Yes. Because EFT GOLD is a Web-based application, the updates occur automatically when released.