Frequently Asked Questions

Does BANCwire® utilize Blacklists?

Yes

BANCwire® uses the following blacklists:
OFAC
SDN
DPL
HM
CFSP
OSFI and OSFI – IND
PLC
BANCwire’s proprietary list

How big is the BANCwire® distribution network?

The BANCwire® service area includes 100+ countries including: North America, Latin America and the Caribbean, Europe and Central Asia, Middle East and North Africa, Sub-Saharan Africa, South and Southeast Asia, South Pacific

How can BANCwire® help US financial institutions and address Dodd-Frank 1073?

With our a closed loop system and our partnerships with payment providers throughout the world, we can deliver payments with transparency, efficiency and with the full amounts including all fees and taxes and the delivery date known beforehand and with certainty.

How does BANCwire® address regulatory requirements?

BANCwire® maintains a “Zero Tolerance” policy regarding intentional violation of applicable laws prohibiting money laundering, terrorist financing and related financial crimes.

BANCwire® maintains updated compliance policies and procedure that we share with our partners to ensure their compliance as well.

BANCwire® maintains internal controls, aimed at ensuring ongoing compliance with the BSA and all other applicable laws.

BANCwire® employs independent review and testing to verify compliance, and detect any deficiencies or failures in the Compliance Program.

BANCwire® is committed to ongoing training both to employees and our partners when desired.

Is BANCwire® in regulatory compliance?

Yes, BANCwire® is in full compliance with the following:

  • Bank Secrecy Act
  • USA Patriot Act
  • Dodd-Frank Act section 1073
  • OFAC
  • Suspicious activity reports
  • Currency transaction reports
What do BANCwire® receipts clearly show?

All costs, FX rates, amount to be paid to the beneficiary and the payment promised date along with the pickup location. All information is provided in the appropriate language according to Dodd-Frank 1073 requirements.

What does BANCwire® offer in technical support and security?

BANCwire® offers trained technical support at no additional cost and most major languages. BANCwire utilizes 128 byte encryption communications with triple DES security, the current global standard.

What does Dodd-Frank mean to the consumer?

Free disclosure at the point of payment origination, estimate the amount of final funds to be received by the beneficiary, estimate when funds will be received by the beneficiary, supports the right to cancel a transaction up to 30 minutes after it’s submission.

What is a Global Remittance?

Global remittances are cross-border, person to person payments sent by individuals to other countries.

Payment methods vary by destination country, along with preferences which include cash, account credits, stored value card, check, or draft.

What is BANCwire®

BANCwire® is a turnkey remittance solution that provides US banks and credit unions with everything needed to offer a fast reliable money transfer service under their own brand. BANCwire® delivers a complete suite bidirectional international financial products with a network of diverse distribution channels and global connectivity so users can access services anytime anywhere.

What is consumer initiated cross-border payments?

Transfers of money by foreign nationals back to their countries of origin and payments made by an individual consumer for payments to another country.

What is Dodd – Frank 1073?

The Dodd Frank Wall Street reform and consumer protection act was established in response to the financial crisis of 2008, to reform the way US financial systems operate. Section 1073 of Dodd Frank addresses, consumer initiated foreign payments and is administered by the Consumer Financial Protection Bureau under Regulation E which implements the provisions of the electronic funds transfer act.

What types of consumer oriented cross-border payments are allowed?
  • Charitable contributions
  • Deposit payments for travel arrangements
  • Destination wedding arrangements
  • Purchase of goods and services
  • Emergency funds transmissions
  • Overseas tuition payments
  • Family remittances
Where are US originated payments made?

Only US banks and Credit Unions can originate a payment. All payments are processed by registered US banks and credit unions. BANCwire® is fully bonded in accordance with consumer protection requirements.

Where can consumers initiate BANCwire® transactions?

In the US, consumers can initiate transactions online or at the teller of his bank or credit union.

Where can consumers receive their BANCwire® value transmissions?

Cross-border Transmissions originated at a US bank or credit union, BANCwire®, can be received:

  • At a bank
  • In cash over-the-counter at a payment location
  • Withdrawn at an ATM using card-less technology (were available)
  • Deposited into a mobile wallet virtual account
  • Deposited onto a stored value card
  • Credited to a cell phone as airtime
  • Or use the value to pay a bill