Business Wires for credit unions
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
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 dialog 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 list or History list for an account.
- Wires with the following status display in the Active list:
The list sorts wires newest to oldest according to the date created.
- The History list displays wires with a Processed status and cannot be edited or deleted. The list sorts wires by most recent to oldest according to the effective date.
Using the calendar on the dashboard, organization users can see and select dates that had an initiated wire.
Depending where a wire is in the transmit process, it is in one of the following statuses:
- The wire is created and ready to initiate sending funds to the receiving institution.
- The wire has been sent and the process for transferring funds begins.
- The wired funds have been deposited in the recipient’s account. In the wire details, a Transmitted date and Effective date display.
- The institution sending the wire declined to transfer the funds.
- During the wire processing workflow, the institution sending the wire opted to not include the wire for processing. This typically occurs per an end user’s request, or the wire is an OFAC suspect.
- The wire is undergoing OFAC.
- The transfer has been initiated but not yet completed. This may be a result of the institution not yet processing the information, the transfer being processed by an intermediary institution, or the recipient institution has not received the transfer.
- There is an issue with the wire transfer.
- Create wire
The organization user provides wire details, including the wire name, account, amount, recipient information, and receiving financial institution. The Wire name field allows up to 35 characters that can include a combination of upper-case and lower-case letters, numbers, and spaces. If necessary, details for an intermediary institution can be entered as well.
When the organization user completes the receiving institution details, it’s crucial they enter the correct routing number. To ensure accuracy, Banno’s routing-number service allows the Find institution search tool to auto-populate the institution’s fields. Organization users can search by institution name, routing/ABA number, city, or state. After entering a keyword or routing/ABA number, press the return key to display search results.
After the organization user successfully creates a wire, Wire created displays, and the wire details display at the bottom of the Active tab 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 wires
- Active list
- select account
- select wire
When the wire is in a Ready status, review the Wire details for accuracy. If needed, edit and save the changes. Select the Review and initiate button. The organization user can review the wire details a final time. If edits are needed, select to go back and make changes. If the wire details are correct, 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 password. After the password is entered, a successfully initiated wire displays Wire 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 Banno People and JH Wires to ensure the wire details are aligned.
Edit or delete wires
- Active list
- select account
- select wire
- Edit or
Banno makes managing wires easy. You can edit or delete a wire while it is in the Ready status. If a wire is deleted, it cannot be recovered. Once a wire is initiated, it can’t be edited, deleted, or canceled.
Any fees are determined by your institution and set in JH Wires. The fee(s) display as separate transactions from the wire and are withdrawn from the same account wiring the funds.
Manage entitlements and permissions
Organization admins can manage organization user permissions in User Management. Admin users can manage organization and organization user permissions in Banno People.
The organization user’s Activity records the following events for wires in Banno People:
High-risk authentication events (requested, passed, and failed) are also recorded.
- What is the Transmitted date and Effective date?
- Transmitted date is the date that the payment is initiated for remittance to the wire recipient. The Effective Date is the date that the recipient of a payment sees the transferred funds, and the financial institutions on both sides of the transaction settle funds with one another.
- What are the cut-off times and processing timelines for sending a wire?
- Cut-off times and processing parameters are located and set in JH Wires.
- Can an organization user send an international wire?
- No, Banno currently offers domestic wire transfers.
- When using the Find institution search bar for the receiving institution, the routing/ABA number matches where the wire needs transferring to but the institution’s name, city, and or/state doesn’t match. How does this impact creating and sending a wire?
- As long as the routing number is accurate, the institution name, city, and/or state doesn’t have to exactly match the branch where the organization user moves funds.
- Can we set temporary wire limits for our clients?
- Business admins can do this manually.
- How do we set up international wires, including an Intermediary FI Code?
- We currently only support domestic wires, so this is not an option.