Q. Some financial institutions use a Wire Transfer system called QUICKWIRE to interface and post WIRES to their CORE AS400. Does Business Banking interface with QUICKWIRE if it is in a particular format such as NACHA A membership organization that provides marketing and education assistance and establishes the rules, standards and procedures that enable financial institutions to exchange ACH The ACH is a network of regional associations, inter-bank associations, and private-sector processors. ACH payments are processed and settled electronically, thereby increasing reliability, efficiency and cost effectiveness. ACH payments are generally settled in one day or greater. payments on a national basis. or Fed Wire format?
Wire download files created by Business Banking are in a Fed Wire file format, which is compatible with most wire processing systems. Interfaces are also available to BankServ and Fundtech
Q. What is the difference between Receiving bank and Intermediary bank in wire templates?
The receiving bank is the financial institution a bank, thrift, or credit union to which the originator The originator is the individual or organization that is initiating the ACH transmission. For our purposes, the originator is the Commercial Customer a bank's customer, a thrift's customer, or a credit union's member. using the Cash Management system.'s bank sends the wire. Usually, the receiving bank and the beneficiary bank are the same.
An Intermediary bank is needed when there has to be a bank between the receiving bank and the Beneficiary Bank. Some financial institutions (Originating Banks) send all their wires through one financial institution (Receiving Bank) who then send it on to an International Correspondent (Intermediary Bank) for final credit to the beneficiary bank.
Q. Does the Wire Transfer function check funds availability?
No. A user can submit a wire request for an amount that exceeds the account available balance. The wire request is just that – a request. When a user submits the request, an email goes to the financial institution and the wire is processed manually.
Q. How does the end user an employee of the customer that is given access to application by the company administrator the customer, or a person assigned by the customer, who will have administration responsibilities in the Commercial Customer Platform of the application. or a user administrator. know the status of a wire request?
The status of a transaction can be checked using the Transfer Activity screen.
Q. Can a customer recall a wire in Business Banking once it has been submitted?
No. The customer must contact the financial institution.
Q. How are Wires archived?
Like other transaction types, wires can be viewed in the Activity Log for the current week plus 4 weeks.
Q. Can international wires be done?
Yes.
Q. Does Business Banking verify the ABA Number for transactions that require it?
Business Banking verifies the ABA number against a database of valid ABA numbers that is updated regularly.
Q. How can the financial institution be notified of wires that require processing?
The financial institution controls notification of pending wires using the Suppress E-mail Notification option in the FI’s Policies settings.
Q. What would cause the error "Invalid Date" when a financial institution is uploading a wire file to FedLine?
Possible cause: On FedLine, banks must change daily the Cycle Date Rollover parameter to the current business day. Confirm that the parameter has been manually changed. If the financial institution has questions about Cycle Date Rollover, they should contact the Fed customer service center.