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WireCheck: The Smart WTR Compliance
Solution for Payments
Are you a payment service provider (PSP) navigating the complexities of wire transfer regulations (WTR)?
Do concerns about sanctions evasion, money laundering, and terrorist financing keep you up at night?
WireCheck is the only dedicated compliance solution built for PSPs, ensuring full regulatory adherence, real-time transparency, and operational efficiency across every payment.
Ready to achieve seamless WTR compliance and strengthen trust in your payment processes?
Contact us to discuss how we can help minimise the impact of WTR compliance on your payment operations.
Key benefits of WireCheck
Functionality for payer, payee, & intermediary PSPsFulfill 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.
Key features
Real-time screening
Set organisation-specific high-risk indicators and monitor in real-time. Reflect your risk appetite in automated tests and quickly identify non-compliance within cross-border payments and domestic transfers.
FTR compliant
Built-in functions allow sufficient inbound payment information an automatic pass status against FTR and WTR compliance criteria. Reserve manual reviews only for exceptional instances where you can assign accurate pass/fail statuses. No need for repeat reviews as manual decisions are stored for future automation.
Reporting
Monitor your performance and that of your counterparties through transparent MI reporting dashboards. Supports FCA requirements for formal notifications of repeat offenders.
Automation
WireCheck 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.
Configuration
Seamlessly integrate with your payment systems to maintain efficient and compliant payment flows with WireCheck's flexible functionality. Non-disruptive to payment operations.
Scalable
Accessible either as a cloud or on-premises software solution. AWS can 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.
There is also the option to access WireCheck through your internal infrastructure. Using containerisation, WireCheck can scale to your exact workload internally too.
Want more details on Wirecheck? Download our brochure now.
FAQs About WireCheck & WTR Compliance
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What are Wire Transfer Regulations (WTR)?WTR are rules and guidelines that govern the electronic transfer of funds between financial institutions, businesses, and individuals. These regulations aim to prevent fraud, money laundering, and terrorist financing while ensuring the security and transparency of financial transactions.
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Who needs to comply with UK WTR?All UK payment service providers (PSPs) handling money transfers must follow regulatory requirements, including: Banks & Merchant Acquirers processing wire transfers. Payment Gateways & Processors facilitating online payments and e-commerce transactions. E-money Institutions (EMIs) issuing digital money and processing international wire transfers. Open Banking Providers enabling bank-to-bank transfers via API. Cryptocurrency Payment Processors processing crypto-based wire transfers.
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How does WireCheck help with WTR compliance?WireCheck is a dedicated WTR compliance tool, delivering transparency, accuracy, and efficiency for UK PSPs. It automates compliance checks, manages Request for Information (RFI) processes, and tracks repeat offenders, ensuring seamless adherence to WTR regulations. Designed for all PSP roles (i.e. payer, payee, and intermediary), WireCheck integrates with existing payment systems to reduce risk, enhance reporting, and streamline compliance workflows.
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What is the difference between missing and incomplete information?The difference between missing and incomplete information is shown in the table below:
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Is WireCheck difficult to integrate with existing systems?No, WireCheck is designed to seamlessly integrate with your existing payment systems without disrupting your operations.
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Can WireCheck be customised to fit specific risk appetites?Yes, WireCheck is highly configurable, allowing you to set specific high-risk indicators and automated testing criteria.
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How does WireCheck handle data security?WireCheck is accessible either as a cloud or on-premises software solution. We ensure strict data security by implementing industry-leading safeguards to protect sensitive payment and compliance data. Key security measures include: End-to-End Encryption protects all transaction data using strong encryption during storage and transmission. Access Controls & Authentication prevents unauthorised access through role-based access, multi-factor authentication (MFA), and audit logs. Regulatory Compliance aligns with GDPR and FCA data security requirements. Secure API Integration ensures safe connectivity with payment systems while maintaining data integrity. Real-Time Monitoring detects and prevents unauthorised data access or anomalies. Regular Security Audits for routine vulnerability testing and compliance checks. WireCheck’s secure-by-design architecture protects PSPs from data breaches, ensuring compliance, confidentiality, and operational integrity.
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What support options are available for WireCheck users?We offer comprehensive support tailored to each organisation's needs; contact us for more information.
