Outgoing Domestic and International Wires

The Outgoing Wire screen provides the User with one area to initiate new one time domestic and international wires, review past outgoing domestic and international wires, and utilize pre-authorized wire templates.

The Wires tab and Outgoing Wire screen are visible only with applicable permissions. Outgoing wires are initiated by one User, and then must be approved by a second User.

Credit Unions may establish an overall per-wire monetary limit for International Wires.

Outgoing Wire History

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

• Wire ID
• Member - Your credit union
• Originator - Entity that originated the wire
• Beneficiary - Final entity that will receive the wire funds
• Beneficiary / Receiver Financial Institution - 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
• 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.

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

To review individual outcoming wire information, click the Wire ID. Users may export the wire to PDF by clicking the Export to PDF button in the upper right-hand corner of the wire detail.

The Outgoing Wire screen displays the Outgoing Wire ID # and various cards breaking down the outgoing wire information:

• OFAC Status
• Wire Detail - the high-level wire information
  • Pre-Authorized Template will display the template name if one was used
  • Business Function Code
  • Type Code
  • Member Contact For Verification
  • Amount Effective Date
    
• Originator - the entity that is sending out the wire funds
• Wire Routing - the financial institution path the wire funds will take
• Final Credit - the entity that will receive the wire funds
• References - any additional information that was included in the wire

Create New Wire

To create a new wire, the User must:

1. Navigate to Money Movement
2. Click the Wire tab
3. Select Outgoing Wire

Create New Domestic

Section 1 - Wire Detail

1. Click Create New Domestic
2. If a Pre-Authorized Template will be used, select from dropdown
3. Select Business Function Code
4. Select Type Code
5. Select Member Contact For Verification
   1. Individual who will most likely verify wire or who may answer questions regarding the wire
   2. This dropdown will only display the names of Users that have the permission to verify wires
6. Indicate Amount
7. Click Next

   

   
   

Section 2 - Originator

1. Provide Originator
2. Select Identifier Code
3. Provide Identifier
4. Provide Address
   1. Required for wires $3,000.00 and more
5. Click Next
   
   

Section 3 - Intermediary

1. Indicate if an Intermediary, or correspondent, financial institution is utilized
   1. If Yes, complete the following fields for the intermediary financial institution:
      1. Receiver ABA
      2. Intermediary FI
      3. Identifier Code
      4. Identifier
      5. Address
   2. If No, continue to Step 2
2. Click Next
   
   

Section 4 - Final FI (Financial Institution)

1. Provide Receiver ABA
2. Provide Final/Beneficiary FI
3. Select Identifier Code
4. Provide Identifier
5. Provide Address (required when $3,000.00 or more)
6. Click Next

Section 5 - Final Credit

1. Provide Beneficiary
2. Select Identifier Code
3. Provide Identifier
4. Provide Address
5. Click Next

Section 6 - References

1. Complete any of the following fields (all optional)
   1. Originator to Beneficiary Info
   2. Reference for Beneficiary
   3. FI to FI Info
2. Click Next
   

Section 7 - Review

Once all sections have been completed, the User will review all wire detail. If any errors are detected at this time, the User may click the section tab to go back and update the information. Once wire entry has been reviewed, click Create.

A second User will need to verify the wire. Those steps may be reviewed in the Outgoing Wire Approvals article.

Create New International Wire

It is important to note that international wires inherently carry a higher risk of loss. Once foreign funds have been locked in after a quote has been provided, cancellation of the wire may result in a loss of funds that will post to your settlement account. A pop-up will indicate the amount of the charge when a locked-rate foreign funds wire is canceled.

Section 1 - Wire Detail

1. Click Create New International
2. If a Pre-Authorized Template will be used, select from dropdown
3. Select Beneficiary FI Country, the country to which funds should be sent
4. Select which type of currency Beneficiary Receives
5. Identify the Payment Amount in USD or foreign currency
   1. Example: is the remitter sending $500.00 in USD, or $500.00 in Euros
6. Select Member Contact For Verification
   1. Individual who will most likely verify wire or who may answer questions regarding the wire
   2. This dropdown will only display the names of Users that have the permission to verify wires
7. Click Get Rate Quote and review the disclosure.
   Locking in the rate initiates a trade for the currency request. Canceling the wire for any reason after the rate has been locked may result in immediate charges to your settlement account.

   
   
8. Click OK
9. Click Lock In Rate, an indicator displays a 15-second countdown to accept the rate quote 
10. If the rate is not locked before the countdown ends, the quote will expire 
    1. If necessary, click Get Rate Quote to retrieve another rate lock
11. Click Lock to lock the rate, or Cancel to cancel the rate quote
12. Review the wire payment detail
13. Click Next Step

Section 2 - Originator

1. Select Originator Type: Individual or Corporation
   1. If Individual is selected, Originator Name and Date of Birth fields will be displayed
   2. If Corporation is selected, Incorporation Type and Incorporation Number fields will be displayed
   3. Complete remaining fields for Email, Phone, Address Lines, City, State, Postal Code and Country
2. Click Next Step            

Section 3 - Final FI

1.  If needed, utilize the FI Search button to search for the appropriate foreign financial institution, or the User may manually add the foreign financial institution information to the screen
   1. Enter information to search in the bar
   2. Click Search
   3. Identify the appropriate foreign financial institution
   4. Click Select
   5. Click Add
      
      
2. Confirm information entered is correct
3. Click Next Step

Section 4 - Final Credit

1. Enter the final beneficiary information
2. Select Beneficiary Type: Individual or Business
3. Complete additional fields: Beneficiary Name, Beneficiary Account Number / IBAN, Phone, Email, Address Lines, City, State, Postal Code, Country 
4. Click Next Step

If needed, review the Master Currency List link in the upper righthand corner for specific requirements of foreign currencies. Additional fields may appear in the Final Credit section, or the Additional Info section.

Section 5 - Additional Info

These fields may change based upon the foreign currency selected.

1. Select the appropriate Purpose of Payment
2. Provide Payment Reference
3. Select Disclosure Requirement
   1. Select appropriate Regulatory State/Agency
4. Provide Wire Fee amount
5. Provide any additional information required based upon the foreign currency selected
6. Click Next Step 

Section 6 - Review

Once all sections have been completed, the User will review all wire detail. If any errors are detected at this time, the User may click the section tab to go back and update the information. Once wire entry has been reviewed, click Create.

A second User will need to verify the wire. Those steps may be reviewed in the Outgoing Wire Approvals article.