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OD Wire

Funds transfer regulation compliance made simple.

The only dedicated Funds Transfer Regulation (FTR) tool on the market: compliance, transparency and efficiency throughout your entire FTR process.

Supporting payment service providers (PSPs) across the UK and EU to keep payer and payee information compliant,  our unique software is built in line with Regulation (EU) 2015/847 requirements. It is designed to help PSPs meet their FTR compliance responsibilities.

 

By integrating with existing payment systems, OD Wire detects payer and/or payee information requiring investigation. Once reviewed, flagged transactions can be integrated into your Requst For Information (RFI) process. The FTR-related RFIs are monitored and periodic reports are generated of repeat offenders. This allows you to quickly identify and respond to any issues in your FTR process.

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Key features

Real-time screening

FTR compliant

Reporting

Automation

Scalable

Configuration

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​​​Seamlessly integrate with your payment system

Maintain an efficient and compliant payments flow with OD Wire's flexible functionality. Non-disruptive to payment operations.

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Run automated accuracy tests 

OD Wire enables required post-event sample tests as well as the ability to analyse all incoming and outgoing payer and payee information for missing, incomplete and meaningless entries.

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In-depth MI & reporting 

Monitor your performance and that of your counterparties through transparent MI reporting dashboards. Supports FCA requirements for formal notifications of repeat offenders.  

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Reduce manual approval with automation

Built-in functions allow sufficient inbound payment information an automatic pass status against FTR compliance criteria. Reserve manual reviews only for exceptional instances where you can assign accurate pass/fail statuses. No need for repeat reviews, OD Wire stores manual decisions for future automation. 

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Access OD Wire via AWS or on-premises

​OD Wire is accessible either as a cloud or on-premises software solution. AWS empowers OD Wire to process millions of transactions per day for real-time monitoring and is equipped to deal with high-volume demands.. Running the platform via AWS reduces infrastructure costs, only deploying the exact server capacity needed for current payment volumes. We also provide the option to access OD Wire through your internal infrastructure. Using containerisation, OD Wire can scale to your exact workload internally too.

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If you’d like more information about our features, get in touch today.

Key benefits

Functionality for payer, payee & intermediary PSPs

Fulfill all roles within the payment chain whether you are operating as a payer, payee or intermediary PSP (or all three). Access flexible payment information tests for each PSP type with many providing the dual function of self-monitoring and counterparty monitoring.  

Data-driven internal & external reporting

Payments are collated into daily, weekly, and monthly internal reports with easy dashboard access. This enables transparency and data-driven decisions across your process. The reporting module also supports direct FCA requirements for formal notifications of repeat offenders.

Configurable to meet your FTR risk appetite

​Set your organisation-specific high-risk indicators and monitor via real-time and/or post-event methods. Reflect your risk appetite in automated tests and quickly identify non-compliance within cross-border payments and domestic transfers. 

Mitigate FTR risk exposure

 Smart and robust testing on payer and payee information including missing, incomplete and meaningless validation. OD Wire automatically checks payment details against existing payer customer records.

1 / Functionality for payer, payee & intermediary PSPs

OD Wire provides compliance functionality for all PSP roles.  Whether you’re acting as a payer PSP, payee PSP, intermediary PSP or taking on several roles at once, you can run an efficient and compliant FTR process.  

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  • Payer PSPs can run FTR compliance checks and customer validation on all outgoing payments. OD Wire not only recognises missing, meaningless and incomplete entries but also connects to your payments system to ensure payer information matches customer records. This reduces inbound RFIs as well as the costs and operational disruption they bring.

  

  • Payee PSPs can closely monitor their counterparties by analysing insufficient payment information and high-risk indicators. Testing modules provide in-depth insight on potential risks enabling immediate remediation. Reporting modules allow you to track outgoing RFIs and quickly identify repeat offenders according to your specific risk appetite.      

     

  • Intermediary PSPs can access the same functionality as payee PSPs according to FTR requirements. OD Wire also accounts for their specific responsibility of preventing alteration of incoming information i.e. when transferring between international payment formats. OD Wire recognises a wide range of international payment formats including SWIFT MT and ISO 20020 pacs. 

2 / Configurable to meet your FTR risk appetite

OD Wire allows cross-platform configuration enabling you to reflect your risk appetite with granular detail. You can set specific high-risk indicators, automated testing criteria and switch between post-event and real-time monitoring.  

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OD Wire starts you off on direct FTR-ready functionality however provides flexibility to modify the platform to your workflow needs. 

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  • Testing criteria: Modify aspects like minimum characters, meaningless information indicators and ‘care of’ variations to reflect your own inbound/outbound RFI trends and findings. Automated sample tests allow you to modify sample sizes from a selection of standard sampling methodologies. 

 

  • High-risk indicators: Implement high-risk indicators which are directly relevant to your organisation and set subsequent measures as you see fit e.g. blocking or suspending payments. Configurable indicators include:  

    • High-risk individuals e.g. Politically Exposed Persons (PEPs) or Ultimate Beneficial Owners (UBOs)  

    • High-risk payments 

    • High-risk jurisdictions 

    • Repeatedly offending counterparties 

 

  • Real-time vs post-event monitoring: Implement real-time, post-event or a combination of both monitoring modes. Configure criteria for either implementation including your organisation-specific high-risk indicators. 

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3 / Data-driven internal & external reporting

Empower your compliance staff with comprehensive and transparent reporting. Effortlessly monitor yours and your counterparties' compliance performance with comprehensive data insights. OD Wire monitors inbound and outbound RFIs for an accurate picture of compliance in line with FTR and your risk-appetite. 

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OD Wire reporting equips you to make detailed and accurate FCA reports in line with requirements. Once repeat offenders are identified you can provide a full record of timelines, failed payments and outbound RFIs collated on OD Wire.   

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  • View data within any period and identify granular detail over the whole process. 

  • View all individual payment details with a single click. 

  • Easily access required payment information through detailed filtering. 

  • Quick stats and summaries via data dashboard. 

  • Detailed reporting for any period. 

4 / Mitigate FTR risk exposure

OD Wire includes a number of automated and configurable tests which analyse information quality for effective risk management. These help you effortlessly reduce inbound RFIs, monitor counterparties and ensure compliance across the process.  

 

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Tackle FTR compliance directly with our automated, configurable and legislation-ready software.​

Get in touch to find out more about OD Wire or to request a demo

Find out about the regulations and how they apply to the UK.

Download our white paper to find out more about FTR.

 

The Funds Transfer Regulation (FTR) is a key component of European and UK legislation to combat money laundering and terrorist financing.The FTR sets out critical information about the payer and payee to accompany payments.

 

All UK payment service providers must comply with the FTR to mitigate risks of money laundering, terrorist financing, and sanctions evasion, or face potential reporting to the FCA.

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