Getting immediate access to historical wire transaction data is a key component of most financial institutions’ risk management and compliance programs. However, manually creating and maintaining a spreadsheet probably isn’t the best way to track the supporting data.
The FedTransaction Analyzer® tool is a better fit for the task. It provides access to a historical database of up to five years of Fedwire® Funds Service data and helps financial institutions aggregate, save and analyze that data, thereby eliminating those time-consuming and error-prone manual tracking processes. This year, make sure your New Year’s resolutions include automation with the FedTransaction Analyzer tool.
Beyond eliminating the need to compile Fedwire transaction data manually, the FedTransaction Analyzer tool generates a wide variety of reports. Just identify the desired data parameters and download the data into an Excel®-formatted spreadsheet or into a CSV-formatted file for use in conjunction with other applications.
FedTransaction Analyzer reports were developed to help meet the needs of staff with responsibilities in risk and compliance, line of business management, payments and other operations. Institutions can use the tool’s reporting functionality to assess potential exception activity based on transaction amount, frequency, historical trends and transaction codes/types.
The FedTransaction Analyzer tool does not replace other due-diligence screening that your institution performs, but rather can enhance, automate and speed up analysis, enabling your institution to have more control over monitoring. It is an important tool in the Federal Reserve Banks’ Risk Management Toolbox.
With the tool’s reporting functionality, your data analysts can quickly create reports that are easy to use and analyze. Once they have exported the desired data into an Excel-formatted spreadsheet, analysts can use the tool’s drop-down report menu to create a variety of preformatted data and management reports.
These reports offer over 30 columns of data. You can choose your own criteria to sort the data or sort by one of the following options:
Below is an example of the payment amount sort order.
Management Dashboard Reports
The following reports use graphics to show wire transaction activity for either your organization or a selected customer:
Below is a sample page from the Organization Dashboard. For more examples, take a minute to review the FedTransaction Analyzer Sample Preformatted Reports (PDF).
The FedTransaction Analyzer tool is included at no additional charge as part of the FedLine Advantage® Plus and higher access solution packages. Your institution does not need to install hardware or software in order to use the tool. Simply have an End User Authorization Contact (EUAC) from your institution assign Subscriber access roles to the tool, which is in the Information Central section of FedLine® Home.
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