Founded in 1991 in Miami, Florida, US, Ocean Systems, Inc. (OSI) is a software development company specializing in Compliance and Electronic Funds Transfer (EFT) applications for the financial and banking industry. OSI’s core software products include the FedLink Wire Automation product, the OFAC EDD Server, and the Enhanced Compliance Solution (ECS). 

Since it was founded, OSI has played a leadership role in software engagements in compliance solutions related to bank payment systems concerning ACH, Wire Transfers, ATM, and POS.

Cyberbank integrates Ocean Systems to effectively transfer funds between users, using FedLink tools and complying with US market regulations.

The integration of Ocean Systems and Cyberbank makes it possible to:

• Make fund transfers between users in a secure environment, complying with current North American market regulations.
• Dynamically offer a unified payment environment with different options through the channels required by users.
• Process incoming and outgoing funds by means of notifications through Cyberbank’s channels, connecting services to FedLink’s payment platform and providing various payment methods to financial institutions.

Main benefits:

• Fedlink’s modular system allows banks to purchase modules separately or combine them to automate the specific requirements of the payment process. By integrating these modules within the Cyberbank Core system, institutions achieve a paperless and automated process for wires and internal transfers.
• Fedlink complies with the search requirements mandated by IRS Record Keeping Regulations. All transfer requests, both internal and wire transfers. are quickly accessible through the use of queries.
• The integration provides financial institution customers with different types of payments and transfers, which are made through the powerful front end and channels of Cyberbank Digital, designed to conform to the brand identity.

Key Features:

• Integration: Posts in real time in the core banking system all monetary entries related to transactions and the corresponding fees for payments originated in the different channels and forms of payment made by users.
• Reduce Service Times: Thresholds and Routing Rules enable payments from different sources to be instantly authorized and routed via direct connections to the Federal Reserve, SWIFT, and FX providers.
• Compliance: All outgoing and incoming wires are validated for Travel Rule, international payment guidelines, then screened for OFAC and other sanction lists. Consumer payments are properly disclosed in accordance with Dodd Frank Regulation E, and Regulation DD.
• Simplify: The user experience provided by Cyberbank Platform and FedLink allows originating payments by means of templates, bank lookups, auto fill on Receiver and Correspondent banks, and customer information. Automatic returns, and assignment of accounts on incoming wires. 
• Eliminate mistakes: Outgoing wires are validated for possible duplicates. International wires are validated to conform with country specific rules, SWIFT, and Foreign Exchange providers to reduce returns from foreign beneficiary banks.

Oceans Systems enables:

• Controlled authorization on wires, NSF, Overdrafts
• Online interface for posting to customer and GL accounts
• Repair of incoming wires with automated returns and DRWs
• Quick preparation and validation of outgoing wires
• OFAC / Watchlist screening
• Validation for FRB, SWIFT, Travel Rule, and Country Payment Rules
• Country Code derivation of all wire participants
• Disclosure compliance of all wire regulations including Reg E
• SWIFT and Correspondent Bank Straight-through Processing (STP)
• Automatic daily ABA and OFAC downloads 
• FedMail Notifications
• Comprehensive Search and Extract of wire information
• Operational and Management Reporting of Wire Operations