We have many users in COACH III who only do International Wires and they do not currently have access to Beastro. Will they need to be granted access to Beastro, including obtaining a security key?
Yes. COACH III access will be going away, and all International Wires will be initiated in Beastro Money Movement. Therefore, individuals that should have the ability to create and/or approve International Wires must have access to Beastro. There is no option to allow an individual to create and/or approve International Wires without access to Beastro.
What if we want someone to do International Wires but they not have access to Beastro?
Beastro will be the only option to enter and send International Wires. User access can be specific to this function in Beastro.
Do new privileges/monetary limits need to be added in Beastro for our Users who do International Wires?
Yes, any current (or new) Beastro Users that should have the ability to create and/or approve International Wires must have corresponding International Wire roles and monetary limits within Beastro.
Where will we go in Beastro to send International Wires?
International Wires will be accessible in the Money Movement module, Wire tab. International Wires will be created on the Outgoing Wires screen. Pre-authorized International Wire templates will be created and maintained on the Pre-Authorized Templates screen.
Will the screens look different when sending International Wires in Beastro?
International Wires in Beastro allow us to leverage the power of APIs for more accurate wire entry requirements, reducing the potential of wires being held for missing or inaccurate information. The International Wire screen will be different depending on the requirements for the country selected.
What information will users need to enter International Wires?
International Wire entry requirements vary from country to country and may change at any time. We strongly suggest requesting exact, written foreign financial institution wire instructions from your member’s beneficiary prior to entering the wire. Beastro Users are prompted about required fields by foreign currency type; however, there is no guarantee that wire instructions have not been recently changed by the foreign financial.
There is a new FI search option in Beastro International Wires. Do I still need wire instructions from my member?
Yes, always have detailed wire information provided by the originator. The FI lookup should be treated as a helpful feature to verify information, but not a requirement to use. You should rely on the information provided by the originator.
If there is an error identified when the wire is being reviewed, can I still re-use locked rates and their corresponding reference numbers?
A notable enhancement of International Wires in Beastro allows Users verifying wires to edit incorrect information during the verification process. This should significantly reduce the need to void wires and re-enter them with a previous locked rate. Any voided wires will be subject to cancelation charges, so it is critical for International Wire entry and verification to be completed accurately. All edited wires will go back through the dual verification process, giving your teams ample opportunity to correct any errors before wire submission.
Will there be any changes with how International Wire rates are quoted and locked in?
Once an International Wire rate quote is requested, the User is notified that locking in the rate will initialize a trade with our partner for the currency request. Once the User has acknowledged the notification, the User has 15 seconds to lock in the rate. There is a count-down clock that shows the number of remaining seconds. If not locked within 15 seconds, the User will have to initiate a new rate quote to lock in.
What happens if I cancel a wire after I have locked in a rate?
Canceling an International Wire after the rate has been locked may cause a market rate difference to be owed. It is important to note that if a rate is abandoned after the rate has been locked (in other words, if the wire detail steps have not been completed before going to a different page, logging off, or closing the browser), the system will auto-cancel the locked rate which may cause a market rate difference to be owed. Market rate differences will automatically be posted to the credit union’s settlement account.