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.

Active

Wires with the following status display in the Active list:

• Ready
• Initiated
• Processed
• Denied
• Omitted
• Verifying
• Pending
• Problem

The list sorts wires newest to oldest according to the date created.

History

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.

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.

Processed

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

Denied

The institution sending the wire declined to transfer the funds.

Omitted

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.

Verifying

The wire is undergoing OFAC.

Pending

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.

Problem

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.

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

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

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.

Wire fees

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.

Activity

The organization user’s Activity records the following events for wires in Banno People:

• Created
• Failed
• Edited
• Deleted
• Initiated

High-risk authentication events (requested, passed, and failed) are also recorded.

FAQ