Outgoing Faster Payment Approvals

The Outgoing Faster Payment Approvals screen is where initiated outgoing payments are reviewed and sent.

The Outgoing Faster Payments Approval screen may only be viewed by Users with appropriate permissions.

All outgoing payment messages must be completed with dual approval. One User will enter the Faster Paymenr, and a second User will approve.

To view pending outgoing payment activity, Users will provide searching and filtering information. Users may search and filter across the following column categories:

• Payment ID

• Member - Your credit union

• Debtor - Entity that originated the wire

• Creditor - Final entity that will receive the wire funds

• Creditor Agt/Instructed Agt - Final financial institution that will receive the wire funds on behalf of the beneficiary

• Amount - Outgoing wire amount

• Type - Wire Business Function Code and Type Code; INT designates international wire 

• Effective Date - Effective date of the wire

• OFAC Status - Failed or Passed OFAC screening

• Payment Status - Current status of the wire

Sorting and filtering is available on all columns. Click the arrow next to the column header to sort the column. The orange arrow indicates which column is currently sorting the information. Search within a column by typing information into the Search box located just under the column header, or by utilizing the column dropdown, if available. To clear filters, click the x located in the search box, or click the Clear filters option at the top right side of the card.

Payment Status options are as follows:

Once the desired search information has been entered, a list of outgoing payments is displayed. The User may export the wire information to a PDF document by clicking the Export to PDF button.

Outgoing Payment Approval

To approve outgoing payments, Users must:

1. Navigate to Money Movement

2. Click the Faster Payments tab

3. Select Outgoing Faster Payment Approvals

4. Search for and select the outgoing payment

5. Click the Payment ID

   1. For Failed OFAC Status:

   2. Click Failed hyperlink

      1. Each potential match will be displayed with a blue dropdown arrow

   3. Click the blue dropdown arrow to review potential matches

   4. Potential matches will be highlighted in red

   5. Once all matched have been reviewed, click Reviewed

   6. Reviewed By information will populate with User's name and date

   7. Click Back to Outgoing Payment ID

6. Review the payment for accuracy

   1. If dollar amount or reference information is incorrect, click Edit, and update the information

7. A different User will now need to verify and send the wire

8. Determine the final action to take on the wire:

   1. If the payment detail is correct and has passed OFAC, click Approve

   2. If the payment detail other than amount and reference is incorrect, click Reject

   3. If the payment should not be sent, click Cancel

Once the payment message has been approved, it will roll up to the corporate for final review, posting, and processing. Once those actions have occurred, the payment will reflect a status of Complete, visible on the Outgoing Faster Payments screen.