Third-Party Wires Service: Your New Payments Sidekick?

Andi Crockett -

Have you ever had a best friend? You know, someone who is always there to back you up or lend a hand when you’re in need? Someone who is a built-in support system? Maybe you refer to them as your sidekick, your wingman, your ride or die – but whatever you know them as, they make your life easier and fulfill a role that no one else quite can.

We’re sure you do, but MY CU Services, Vizo Financial’s payments CUSO, is here to offer ourselves up as another trusty sidekick with our new Third-Party Wires service!

You’ve probably heard the news by now that the Federal Reserve is discontinuing their Fedwire Offline Service at the end of this year. With that solution no longer available to credit unions for wire transfers, options are limited. However, with our Third-Party Wires service, we can offer a simple and secure alternative that will allow your institution to continue sending wires through your Federal Reserve account.

Now, let’s get to the good part…the heart and soul of the service!

Service Specifics

Rather than completing wires through the Federal Reserve directly, your credit union can initiate transfers through MY CU Services’ online EFT platform. We here at MY CU Services will set up your credit union’s routing and transit number to serve as your Federal Reserve account number.

Then, during the initiation process, you’ll input all of the wire information and confirm that the transaction will be a third-party wire. Doing so will pre-populate your Fed account number and direct the wire to the Federal Reserve for processing. Funds will then be automatically debited from your credit union’s Fed account.

Service Advantages

In addition to providing your credit union with third-party wire and/or contingency options that don’t require any further memberships, our service also allows you to take control of the initiation process without having to contact MY CU Services or the Federal Reserve, which makes the initiation process so much easier through our convenient online EFT platform.

Want to hear the rest of the advantages of the Third-Party Wires service? We’ll be happy to share our favorites!

  • It allows for automatic debits from your Federal Reserve account.
  • You’ll have the ability to send and receive service messages through the online application.
  • Even better, you’ll have the support of knowledgeable staff (including yours truly!) who understand and can assist with the wire process.
  • Our EFT platform offers seven-years of wire retention.
  • The EFT platform also has convenient transaction search and export capabilities.
  • And, finally, there is a potential for cost savings.

We’re Ready for Sidekick Status!

When your members need to move money, they have you to be their wingman to make transfers easily and securely. Don’t you think it’s about time you have a wires wingman of your own? We definitely do!

And just know this…no matter what you choose to call us – your service provider, your wires wingman, your third-party pal, etc. – we’re here to make your life a little more convenient and be your connection for wire transfers through your Federal Reserve account. What do you say, why not give us a try?

In true sidekick fashion, we’d be happy to talk more about the Third-Party Wires service with you! Send us an email at sales@mycuservices.com or give us a call at (888) 985-7280, and we’ll set something up. Catch you on the wires side!

Andi Crockett is the product manager of EFT at Vizo Financial. Her role involves developing and implementing EFT services — including ACH for Business, ACH Contingency, ACH Receipt and Returns, ACH Originations, ACH Settlement, Domestic and International Wires and Foreign Check Collection — for credit unions. She also participates in planning efforts for business development, works with members and clients to manage implementation expectations and manages relationships with vendors. Andi is also an active member of the Diversity, Equity and Inclusion (DEI) Champions team at Vizo Financial.

Erica Johnson serves as Vizo Financial’s member services and EFT director. Her role encompasses the oversight of several member services operations, including wires, ACH, Positive Pay, cash services and the member contact center. Ms. Johnson is an Accredited ACH Professional (AAP) and a member of the Faster Payments committee at Macha. She is also a Credit Union Development Educator (CUDE) and volunteers as part of Vizo Financial’s community involvement committee. Her work with this group contributes directly to the Corporate’s community efforts.