How It Works Step by Step

Initial Use and Registration/Enrollment

When the registration process is complete, the bank generates a random ID number that links DFX transactions to that specific customer’s account, insulating his or her account from data theft. While a bank customer's name and address become known to the third party-vendors via the DFX system for product delivery purposes, the customer's SSN/EIN and bank account numbers don't leave the bank's database and are never provided to DFX or its vendors.

Subsequent Ongoing Use

The transaction page offers six transaction choices: wire transfers/receipts, currency purchase/sale, and foreign currency denominated check issuance/receipt. For currency purchasers, the system enables the bank client to view facsimiles of each currency available in a range of denominations.

The rates displayed are set daily for currency products and re-set several times intra-day for wire transfers and foreign currency-denominated checks; rates include the client bank's own fees, the money vendor rate and DFX fees.

Once the submit command is entered, the transaction goes into the client bank's DFX back-office system, and the bank has full control over the approval process - be it manual or by means of straight through processing - before authorizing the order to be forwarded to the third-party vendor via DFX for execution.

Once the transaction is completed, the customer is notified via email that the order is being processed and is given a transaction reference number.

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