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Wire Transfer Verifications

Fast, secure, easy wire transfers, enabled by a patented encrypted network and the sensors on smartphones.

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Today’s clunky processes to avoid wire fraud result in huge inefficiencies and terrible customer experience. And with wire fraud growing each year, it’s time for a fresh approach.

 

1

Customer emails wire request to the bank

2

Agent calls customer to verify, again and again until they answer

3

Agent asks customer to repeat all of the details of the email, and to “authenticate” with a security question

4

Agent makes decision to manually approves the wire request

  • Highly vulnerable to fraud
    • In 2021, over $6.9 billion was lost to various forms of wire fraud, surpassing the previous year’s losses by about $2 billion, according to an FBI report.
    • The 2021 ALTA Wire Fraud Survey found that a full recovery of funds lost to wire fraud was possible in only 29% of cases.
    • Protecting against wire fraud is difficult and inefficient; most advice is how to respond when it happens
  • Today’s clunky processes to avoid wire fraud result in huge inefficiencies and terrible customer experience…..and they are clearly not working

A simple customer interface, biometric identity proofing, and advanced encryption significantly improve security and speed of wire transfers.

1

Customer emails wire request to the bank

2

Agent enters the details into a Journey provided form

3

Customer receives the request to verify the request, authenticates biometrically, and if needed: scans ID

4

Agent sees the verification was approved and all necessary information was collected

  • Eliminate Fraud
    • FaceID matches the person to their device with a 1:1,000,000 rate of false acceptance
    • Optionally choosing to scan a driver’s license or passport elevates the veracity of proof of identity and account ownership beyond what a trained individual in a branch can achieve
  • Eliminate wasted time on calls
  • Improve agent and customer experience
  • Drive self-service and digital adoption

Getting Started Quickly:

  • Agent accesses system via Journey provided web link
  • Customer accesses system via link in SMS or Email
  • Journey returns customer provided information to either:
    • Agent’s web session
    • Sharepoint

Deeper Integration:

  • Journey’s agent interface is embedded in their existing desktop solution
  • Customer can access system via the businesses own app and/or website, including integration with various mobile banking infractures (ex: Fiserv, D3, Jack Henry)
  • Journey returns customer provided information to any configurable backend system of record
Support Agent

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