How WireVault works: A step-by-step guide

Protecting sensitive client information has never been more important for businesses — and security protocols are only as good as the weakest link in the process. This is especially true for wire transfers, where the process for collecting critical banking information is often overlooked.

WireVault replaces vulnerable and error-prone common practices for sharing wire transfer details — emails, texts, shared spreadsheets and voice verification — with a web platform that’s as user-friendly as it is secure.

Here's how it works:

1. Gather and organize sensitive information about wire transfers, notifying users of progress along the way.

Creating a transaction in WireVault’s web platform is the first step, whether you’re sending or receiving payment. One or more wires can then be created inside of a transaction, and relevant wire transfer info can be collected or shared.

To collect: Provide the recipient’s email, name and mobile phone number. The recipient then receives an email prompting them to securely submit their info.

To share: Create an Inbound Wire, input account details and share necessary wire transfer information by providing the depositor’s email, name and mobile phone number.

2. A private blockchain stores critical information, such as routing and account numbers, ensuring they cannot be changed.

This selective approach ensures a secure, tamper-proof record while maintaining privacy and minimizing the risk of fraud.

The platform also incorporates validation features that check important information and reduce human error.

3. Authorized users are granted permission to view the wire info and complete a transaction.

Users can share wire transfer information with a unique URL associated with the wire details. This URL can be shared via email or stored in an internal database, accessible only to authorized personnel after completing WireVault’s authentication process.

WireVault employs two-factor authentication (2FA) for user verification to ensure the integrity of transaction records. New users can create a free WireVault account and complete identity verification to collect or share wire transfer information.

Two-factor authentication enhances security by requiring users to provide a password and a verification code sent to their mobile device. This dual-step process ensures that accessing an account requires both the user’s knowledge and possession of their phone.