Outgoing Wire Approvals

The Outgoing Wire Approvals screen is where initiated outgoing domestic and international wires are reviewed and sent.

The Outgoing Wire Approvals screen may only be viewed by Users with appropriate permissions.

All outgoing wires must be completed with dual approval. One User will enter the wire, and a second User will approve the wire.

To view pending 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
OFAC Status - Failed or Passed OFAC screening
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.

Wire Status options are as follows:

Status	Description
All Statuses
In Review	OFAC screening has failed and will need to be reviewed prior to wire verification and approval
Pending Approval	OFAC screening has passed, the wire may be verified and approved

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 document by clicking the Export to PDF button.

International Wire Review and Rejection/Cancellation

It is important to note that once foreign dollar rate quotes have been locked, they may be subject to a market rate difference being owed. Should an international wire require incorrect information to be edited, the reviewing user may do so, unless the wire is a pre-authorized template. In that case, only limited fields are available for editing.

If a User should choose to Reject or Cancel an international wire in pending status, the User will see a pop-up that indicates the debit amount that will be posted to the credit union settlement account. The user will have to confirm the Reject or Cancel action, indicating that the notification has been read and understood.

Outgoing Wire Approval

To approve outgoing wires, Users must:

Navigate to Money Movement
Click the Wire tab
Select Outgoing Wire Approvals
Search for and select the outgoing wire
Click the Wire ID
For Failed OFAC Status:
1. Click Failed hyperlink
  1. Each potential match will be displayed with a blue dropdown arrow
2. Click the blue dropdown arrow to review potential matches
  1. Potential matches will be highlighted in red
Once all matched have been reviewed, click Reviewed
Reviewed By information will populate with User's name and date
Click Back to Outgoing Wire
Review the wire for accuracy
If dollar amount or reference information is incorrect for a domestic wire, click Edit, and update the information
1. A different User will now need to verify and send the wire
If information is incorrect for an international wire, click Edit and update the information - most information may be updated, unless the wire was a pre-authorized template
1. A different User will now need to verify and send the wire
Determine the final action to take on the wire:
1. If the wire detail is correct and has passed OFAC, click Approve
2. If the wire detail other than amount and reference is incorrect, click Reject
3. If the wire should not be sent, click Cancel

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