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send funds electronically from one person or company to another, anywhere in the U.S. At the time of payment, funds are withdrawn from the payer's account, and transferred to the recipient, known as the beneficiary.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:
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.