Business Wires for banks

Wire transfers are one of the quickest and safest ways for sending money and ensuring funds are securely paid by electronic payment. Paying vendors, suppliers, and individuals has never been easier (or faster). Using Wires in Banno Online, organization users can:

• Create and edit wires
• Review and initiate wires
• View wire history
• Create wire templates

Depending on the number of enabled payment entitlements, Wires displays individually or in a drop-down under Payments in the app’s navigation menu.

View and search wires

Wires are organized and separated by the account that funds were sent from. Using the account filter above the list of wires, a dialogue opens and allows the organization user to select and search which account they want to view wires for. Depending on the wire status, a wire displays in the Active, History, or Templates list for an account.

Active

The Active list displays wires with the following status:

• Ready
• Approval
• Initiated
• Next Day
• Active
• Processed
• Expired
• Suspended
• Denied
• Problem

History

The History list displays wires with a Processed status and cannot be edited or deleted.

Templates

The Templates lists displays wires that have been saved as a template. A template wire does not display a status, because it is always in the ready state in Silverlake.

Using the calendar on the Wires dashboard, organization users can see and select dates that had an initiated wire.

Status

Depending where a wire is in the transmit process, it is in one of the following statuses:

Ready

The wire is created and ready to initiate sending funds to the receiving institution.

Initiated

The wire has been sent and the process for transferring funds begins.

Approval

The Approval status only displays if the wire requires dual approval.

Although the wire is initiated by an organization user, the wire moves to an Approval status because another organization user with permission must approve it. After the approval, the wire moves to an Initiated status.

Processed

The wired funds have been deposited in the recipient’s account. In the wire details, a Transmitted date and Effective date display.

Next Day

The wire was initiated after the cut-off time. During EOD processing, the wire status changes to Initiated.

Active

The wire is set to transmit on a future date or organization user defined frequency (weekly, monthly, etc.)

Expired

A recurring wire that is past the organization user-defined end date.

Suspended

A recurring wire from a disabled account.

Denied

A wire transfer declined by the financial institution.

Problem

There is an issue with the wire transfer.

Create wire

When creating a wire, the organization user provides wire details including the wire name, account, amount, recipient information, and receiving financial institution. The Wire name field allows for 30 alpha numeric characters, including spaces and special characters. If necessary, details for an intermediary institution can be entered as well.

After the organization user successfully creates a wire, Wire created displays, and the wire details display at the bottom of the Active list of wires. The wire will also be in the Ready status.

If a wire fails to create, the following error messages displays, Failed to create wire [wire name] for [wire amount] to [recipient name] from account ending in [last four digits of account]. The organization user should try creating the wire again.

Review and initiate wire

To review and initiate a wire, the organization user selects the wire with a Ready status from the Active list and reviews the Wire details for accuracy. If needed, they can edit and save the changes. Then, they select the Review and initiate button. The organization user can review the wire details a final time. If edits are needed, they select to go back and make changes. If the wire details are correct, they send the wire by selecting the Initiate button. Because wire transfers are high-risk, the organization user must complete high-risk authentication and confirm their Banno credentials. After the password is entered, a successfully initiated wire displays Initiated, and the process of transferring funds between institutions begins.

If a wire fails to successfully initiate, we recommend checking the business’s account and settings in BackOffice to ensure the wire details are aligned.

Create wire template

As an organization user creates a wire and enters the wire details, they have the option to save the wire details as a template for future or recurring use. In the Create wire window, they save the wire as a template by selecting Save as template. The wire details save as a wire template in the Templates list that displays on the Wires dashboard, and the organization user can use the wire template without re-entering the wire details. Although a wire status doesn’t display for a template on the Wires dashboard, a Ready status displays in the Wire details window when the wire template is selected.

A wire template displays in the Templates list only—it does not display in the Active wires list unless it is initiated. Wire templates are organized by account and list from newest to oldest created templates.

A wire that is not saved as a template functions as a single wire that is created.

Review and initiate wire template

When using a wire template, an organization user reviews and initiates the wire by selecting a template in the Templates list on the Wires dashboard. The Wire details window displays for the organization user to review or edit the auto-populated wire information. When the wire template is ready, the organization user clicks Review and initiate to initiate the wire.

The Initiate wire window displays the wire details and lets the organization user set the wire’s Frequency. For a single wire, the organization user selects Once. If the organization user sets a recurring wire, they choose from the default list of frequency options.

Once the wire details are correct, the organization user sends the wire by selecting the Initiate button. Because wire transfers are high-risk, the organization user must complete high-risk authentication and confirm their password. After the password is entered and the wire successfully initiates, a new and separate wire automatically displays with an Initiated status in the Active list of wires.

Tags

Template tag
A wire in the Templates list that an organization user can use to create a single wire or a recurring wire has a Template tag.

From template tag
A single wire that an organization initiated from a template has a From template tag. A recurring wire does not have this tag.

Set recurring wire

A recurring wire allows an organization user to set a repeating wire frequency. Unless the organization user designates a specific end date, it can start at any date in the future and continue indefinitely.

A recurring wire must be set up using a wire template in the Templates list. After the organization user selects the template, they click Review and initiate. The Initiate wire screen displays, and they set the wire’s frequency, schedule, and end date. They can also choose to save the wire as a template.

Frequency

Recurring wires can be sent at the following intervals. Selecting Once creates a one-time wire. All other options create a recurring wire.

Once

The organization user selects Once to send a one-time wire. When Once is selected, the option to set a schedule and end date do not display to the organization user.

Weekly

The organization user selects Weekly to begin a wire’s transmission on a scheduled date each week. When the organization user selects the wire’s Schedule, the calendar text displays Starts [Start Date], repeats weekly on [Week Day]. For example, Starts Nov 10, repeats Tuesdays.

Every two weeks

The organization user selects Every two weeks to begin a wire’s transmission on a scheduled date every other week. When the organization user selects the wire’s Schedule, the calendar text displays Starts [Start Date], repeats every other [Week Day]. For example, Starts Nov 10, repeats every other Tuesday.

If it is later in the month when an organization user creates a recurring wire, the desired start date might have to start in the upcoming month. As a result, a one-time wire might need to be initiated prior to the recurring wire’s start date.

Twice a month

The organization user selects Twice a month to begin a wire’s transmission on two different scheduled dates each month. When the organization user selects the wire’s Schedule, the calendar text displays Starts [Start Date], repeats the [First Day] and [Second Day]. For example, Starts Nov 10, repeats the 10th and 20th.

If it is later in the month when an organization user creates a recurring wire, the desired start date might have to start in the upcoming month. As a result, a one-time wire might need to be initiated prior to the recurring wire’s start date.

Monthly

The organization user selects Monthly to begin a wire’s transmission on a scheduled day each month. When the organization user selects the wire’s Schedule, the calendar text displays Starts [Start Date], repeats monthly on the [Month Day]. For example, Starts Nov 10, repeats monthly on the 10th.

Every six months

The organization user selects Every six months to begin a wire’s transmission on a scheduled date every six months. When the organization user selects the wire’s Schedule, the calendar text displays Starts [Start Date], repeats every six months on the [Month Day]. For example, Starts Nov 10, repeats every six months on the 10th.

Annually

The organization user selects Annually to begin a wire’s transmission on a scheduled date once each year. When the organization user selects the wire’s Schedule, the calendar text displays Starts [Start Date], repeats annually in [Month]. For example, Starts Nov 10, repeats annually in November.

Schedule

The schedule date is the day the wire begins transmitting. It moves from the Active status to Initiated.

If dual approval is required, the wire moves to Approval and requires an approval before it moves to an Initiated status.

An organization user can schedule a wire as far in advance as they prefer. If there is not enough time to process the wire, scheduling it on the same day may not be an option—the schedule calendar prevents the organization user from selecting that day’s date.

The Jack Henry Digital Banking platform does not guarantee a specific date that transferred funds become available to the recipient. Cut-off times, federal regulations, weekends, and bank holidays may affect wire transfer times.

Wires with Monthly and Twice a Month frequencies can be scheduled to transmit on the last processing day of the month. The organization user selects the Last processing day checkbox to initiate processing regardless of the number of days in the month. For example, the wire automatically initiates on October 31, November 30, etc. depending on the month.

When Last processing day is selected, the schedule calendar displays the start date specifying the last day of the current month that the wire initiates on. The text displays Starts [Start Date], repeats monthly on the last day. For example, Starts Nov 30, repeats monthly on the last day.

Ends

The End date option includes Never or Ends date. If the organization user selects Never, the wire will occur indefinitely. If they select an end date, the wire reoccurs according to the selected frequency but ceases on the end date. If the end date is also the last scheduled date for a wire, the wire still transmits on the end date.

Save template

After the frequency, schedule, and end date are selected, the organization user can choose to save the wire as a template.

If an organization user chooses any Frequency option excluding Once, Save template must be checked to retain the saved template. This applies to all frequency schedules except Once. Selecting the Save template option creates a new recurring wire and retains the original template saved in the Templates list. If the wire is not saved as a template, the template becomes a recurring wire and the wire no longer displays as a template that can be reused in the Template list.

If the organization user chooses Once for the Frequency, the wire template automatically continues saving as a template in the Template list.

Once a wire is ready, the organization user clicks Initiate, and the new recurring wire displays as a single wire in the Active list of wires. The upcoming scheduled date and wire frequency also display next to the wire.

Recurring wires display in the Active list and automatically change from Active to Initiated to Processed to Active on the recurring schedule. Once the wire reaches its end date, the wire status displays as Expired.

Edit or delete wire

Banno makes managing wires easy. You can edit or delete a wire while it is in the Ready or Active status. If a wire is deleted, it cannot be recovered. Once a wire is initiated, it cannot be edited, deleted, or canceled.

Wire fees

Any fees are determined by your institution and set in BackOffice. The fee(s) display as separate transactions from the wire and are withdrawn from the same account wiring the funds.

Entitlements

Managing organization user entitlements is done in NetTeller BackOffice.¹

Activity

As an organization user creates or initiates a wire, their Activity records the following:

• Date
• Time
• Message
  • Wire creation successful
  • Wire creation failed
  • Wire transmitted
  • Wire deleted
  • Wire initiated
  • High-risk authentication requested
  • Passed high-risk authentication
  • Failed high-risk authentication
• Device type
• Device OS
• Browser
• IP address

When Banno enables and disables Wires for an organization user, Activity records the following:

• Date
• Time
• IP address
• [First and last name of Banno support rep] updated wires from [true or false] for [organization user name] from [IP address].

When Banno enables or disables Wires for an organization user, the organization user’s Activity also displays the change and includes the following:

• Date
• Time
• Configuration changed by [first and last name of Banno support rep]
• IP address

FAQ