Wire Transfers Provide Speed and Value, But Also Carry Risks

Wire Transfers allow consumers and businesses to send large sums quickly and are often used for critical, time-sensitive payments such as real estate transactions, investments, and international transfers. The speed and high value of these entries pose significant risks for organizations of all sizes. Wespay Advisors offers services to help you ensure that you are mitigating these risks:

• Wire Transfer Risk Review – An in-depth review of your organization’s current Wire Transfer policies, procedures, forms, agreements, reports, and the like to compare your approach against industry sound practices employed by peers, as well as insight into overall industry trends and regulations.
• Wire Transfer Enhanced Audit – This audit includes all elements of a Wire Transfer Risk Review and adds testing of wires the FI transmits to verify that the FI complied with its controls, such as getting proper approvals, performing callbacks, etc.

Our independent audits are supported by practical recommendations informed by the experience gained from performing hundreds of payments audits each year. Our approach is consultative—we’re here to help you understand your risks and strengthen controls.

Contact us at [email protected] to schedule your audit!