Selkirk Releases Internet-Based Wire Transfer Interface
Ingram Industries uses link from Selkirk’s Treasury ManagerTM workstation to send wires over Internet to Bank of America. This new link employs leading-edge technology to allow Selkirk customers to securely transmit Fedwire payments directly from Treasury Manager(tm) to their bank. Through Selkirk’s payment link, Ingram transmits encrypted Fedwire payment information to the bank using Internet file transfer protocol (FTP). Upon receipt of Ingram’s file, the bank verifies the payment information and sends it to the Federal Reserve. Within minutes, the bank sends Ingram confirmation via the Internet that the payment has been successfully completed, including the Fedwire reference number. By using this advanced link, Selkirk corporate customers achieve a much faster and more reliable means of releasing electronic payments to the bank. Equally important, by issuing electronic payments such as trade settlements and forecasted payments directly from Treasury Manager, treasury operations can eliminate the costly and error-prone re-keying of data.