Streamline payment processing, increase security, and reduce risk.
CashWire Payment Management System Overview
Payment management, the critical process of creating and processing cash payments, continues to be a source of frustration for investment managers. The wire process is often tedious, error-prone and time-consuming, requiring manual input to satisfy the demands of various brokers and custodians, each with their own set of formats and requirements.
At first glance, automation via proprietary gateways can appear to be a cost effective solution, however as the number of brokers continues to grow, so does the overhead. According to the SWIFT association, each proprietary gateway costs investment managers an average of $35,000 in maintenance each year.
CashWire Payment Management System offers a true straight through processing (STP) alternative to existing manual processes and proprietary broker or custodian portals. CashWire consolidates payment processing across multiple brokers into a centralized payment hub, allowing users to create, approve and execute payments swiftly and securely from a single dashboard.
With CashWire’s centralized and secure payment processing, investment managers can realize payment automation with straight through processing, industry leading security controls and reduced operating costs.
CashWire Payment Management System Benefits
Strengthen Controls and Reduce Risk
- Secure two factor authentication for wire approvals
- Controlled workflow and strict user entitlements
Simplify Wire Processing
- Single consolidated payment hub
- Eliminate the need for paper and payment portals
- Automatically create wires from portfolio accounting system
- True straight-through processing with SWIFT payments
Reduce Processing Costs
- Reduce the time it takes to collect signatures and execute wires
- Automatically net wire transactions and save on wire fees
Improve Reporting and Auditing
- Unified database of all wire transactions and related documentation
- Detailed audit trails and reports
CashWire Payment Management System Features
- Automatically Create Wires from Portfolio Accounting Systems
- Wire Delivery Automation via SWIFT, Email, or secure FTP
- Secured Customizable Workflows and Approvals
- NEW – Security Transfer Support
- Message Encryption and Digital Signature Support
- Two Factor Authentication (ex. RSA, SafeNet)
- End-to-End Straight Through Processing
- Advanced Reporting, Auditing and Archiving
- Intuitive Dashboards and Workflows
- Automatic Wire Netting
- First Class Support