Wire Transfer Overview
A Wire Transfer, or wire, is a powerful and convenient way to send funds electronically from one person or company to another, anywhere in the U.S. At the time of payment, funds are withdrawn from the payer's account, and transferred to the recipient, known as the beneficiary. These transactions are managed over FedWire®, a special network created to allow financial institutions to conduct this kind of transaction.
Creating a wire requires information about the beneficiary, including specific details about their financial institution and account number. UltraBranch Business Edition (UBBE) has two methods to simplify the process. Whenever a wire is created, the beneficiary is added to a list of beneficiaries for future use. This list can be managed, and new beneficiaries added at will. In addition, UBBE supports Wire Templates, which allow you to quickly create a new wire based on previously defined criteria.
The process for sending a wire transfer includes:
- Creating the new wire
- Approving the wire (if the transfer exceeds pre-set user limits)
- Releasing the wire
Wire Limits and Permissions
The ability to electronically send funds to other people or companies is convenient. At the same time it is subject to risk, even from within your own organization. To help protect your company, UBBE employs a number of safeguards.
- Before any wires can be created, the wire function must be enabled in the "Company Permissions" page under "Stop payments, transfers, and wires" under the "Admin" tab. Only the account's Primary Contact or a Company Administrator can enable this function.
- The Primary Contact or a Company Administrator can set limits on the dollar amount of a wire transfer - these limits can be set by transaction, day, week, or month. As an option, you may enable limit overrides by checking an option to "Exceed Limit with Approval".
- If limit overrides have not been enabled, Users cannot create wires that exceed any wire limit. If the limit overrides are enabled Users will be able to create wire transfers that exceed limits, which must be approved by a User that has been granted approval authority before they will be processed.
- Wires can be created only by Users who have been granted permission to do so.
- After creation, wires must be released in a separate action - providing an additional level of security for your account.