Releasing wire transfers

Because transferring electronic funds by wire is such a powerful tool, UltraBranch adds an extra measure of control. After a wire is created (and approved, if necessary), it appears on the “Pending Wire Transfer Summary” list with the status of “Created.” Regardless of the effective date, the system will not process the wire until it is “released” by an authorized user.

To release wires, select the “Release Wires” button at the top of the page. (If you don’t see this option, it’s because you do not have permission to release wires. Please see your Primary Contact or a Company Administrator).

The “Release Wires” page displays all created and approved wires that have an effective date of today or earlier.
Select a choice from the “Action” drop-down box to hold, release or reject each listed wire.

Hold – The default action. The wire transfer will continue to be displayed in the “Pending Wire Transfer Summary” list. Status will be listed as “Release Pending.”

Release – The wire transfer will continue to be displayed in the “Pending Wire Transfer Summary” list. Status will be listed as “Scheduled” or “Funds Approved.”

Reject – When you reject a wire transfer, it will be listed in the “Completed Wire Transfers” category and cannot be edited in the future. Status is “Release Rejected.”

Select the desired action from the “Action” drop-down box. (Or use the “Release All” or “Reject All” buttons if appropriate). Then click “Submit” at the bottom of the page. A confirmation page will display. Click “Confirm/Release Wires” and you will return to the “Wire Transfers” summary page.

Pre-releasing a wire transfer

If you want to release a wire with an effective date after today’s date, go to the “Release Wires” page and change settings in the “View Options” box so that future wires are listed. Only non-recurring wires with a pending wire frequency of “None” can be released before their effective dates. Wires with recurring frequencies can only be released on their scheduled effective dates.