Genesis Bank Exchange

GENESIS BANK EXCHANGE:

• Security & Safety: Restricted, segregated, and secure trust accounts are held within our FDIC and State of CA regulated and insured banking institution and/or at the Federal Reserve. Unlike other QIs, funds are never commingled in a general account or used without oversight!
• Accuracy & Protection: Genesis Bank Exchange provides streamlined, in-house, threefold wire review for enhanced fraud protection and accuracy. With fraud at historical levels, choose a QI that is a bank and has built-in controls and oversight.
• Paperless & Secure: Genesis Bank Exchange uses paperless and secure file transfer processes that do not require notarization or wet signatures, built on an easily scalable electronic infrastructure that is fully automated and more efficient.
• Technology & Expertise: Wire authorizations are verified using secure, intuitive, cloud-based solutions, as well as bank wire expert reviews for
  additional layers of security. Because Genesis Bank Exchange is a division within Genesis Bank, there is no “middleman” between you  and the bank holding your funds – just bank experts here to ensure a seamless and secure process.

OTHER EXCHANGE ACCOMMODATORS:

• Unregulated & Lacking Oversight:  At other QIs, funds are often held in unregulated and non-segregated subaccounts and connected to a master parent account where separate exchange funds may be commingled and used without oversight. Non-bank QI affiliates generally have to rely on fidelity bonds, third party corporate performance guarantees, and other layers of insurance for security.
• Potential Risk & Imprecision: Other QIs have fewer controls and reviews of wires, with typically only two layers of review. This leaves more room for potential error when there are additional parties, outside banking institutions, and other "middlemen" as part of the process.
• Antiquated & Manual: Other QIs rely on outdated, manual, paper-based processes that may require paper forms, file folders, and unsecured physical boxes to store your records and personal information.
• Outdated & Unchecked: Unregulated non-bank exchange accommodators must use outsourced or affiliated banks for reconciliation and wires, resulting in potential errors and earlier wire cut off times than when you work directly with Genesis Bank as your QI.