Wire Transfer Approval Process

Every day, the Senior Payments Specialist or backup will receive all wire applications to be processed during the day. Prior to approving the application, the following process needs to be reviewed:

Member Contact Information Ensure the information is updated in the Core system and the Global Pay Platform (if international) before releasing the funds. If not, staff will need to make the necessary edits on the wire platform to keep the member profile consistent with the Core system. Additionally, collaborate with other team members to confirm that the updated address is correct as it appears in the Core system.

Review the following member details: 

• Physical Address: Payment or member profile does not include a P.O. Box address or it is flag with bad address.
• Phone Number
• Email Address
• Identification Document: Member must have a unexpired ID in core and OnBase, if payment is grater than $10,000

Account Information: The member has available funds in the debited account to cover the payment and the wire transfer fee. 

Beneficiary Bank and Party Details: Review whether the member missed including details in the payment details, such as sort codes, bank codes, tax ID, beneficiary phone number, required IBAN, or if the beneficiary party's address is a P.O. Box. This check is necessary in case the system allowed the payment without these details.

Call Back Verification Form : There is an existing wire verification form for payments greater than $10,000.00.

New Beneficiary Fraud Rule: To build a database in OnBase, we will save the payment details under "DEP New Beneficiary FX Payment Alert" whenever we observe a payment to a new beneficiary. A beneficiary is considered new if the payment originates from the member number and the beneficiary account number and BIC/Swift Code assigned to the beneficiary have not been used within the last 365 days. While we are building this database of new beneficiary templates in OnBase, we will also review previous payments made via Payplus GFX.

The Fraud Department will check the Beneficiary template in OnBase and re-index the payment with a "Cleared" status so that we can approve the payment in Global Pay. They will also be able to add notes to the template for future reference.