In an environment of increased exposure, risk management has become an important part of doing business. Cachet Financial Services offers wire services to reduce your exposure from high-risk payroll transactions.
We offer two wire options for your convenience:
- Automated Reverse Wire: Payroll provider creates the file
- Direct Wire: Cachet converts and initiates the wire
The term Drawdown Fedwire® is also known as Automated Reverse Wire. Fedwire is a registered trademark of the Federal Reserve Bank (FRB).
For drawdown services, its a simple one time process of setting up authorization with your bank. On our end, we simply need to ensure that the authorization is set up correctly before Cachet can send a wire request.
Cachet wire services advantages:
- Reduce risk with guaranteed funds
- Submit a standard ACH file
- No additional paperwork required
- Funds are not released until they have been confirmed