The Wires service allows you to quickly and easily send payments domestically and abroad.
In this video you will learn how to create and approve a US Dollar wire template.
You will also learn how to enter and approve wire payments utilizing the bank's standard dual control settings.
It is highly recommended that you use templates to create your wire payments.
Templates help reduce the risk of payment fraud by allowing wire instructions to be reviewed and approved by another user.
For your convenience, once saved, they are readily available for future use.
The Online Banking System includes several wire types.
Book Wires allow you to transfer funds between any US East West Bank accounts.
Foreign Currency Wire allows you to send a foreign currency exchange wire.
US Federal Tax Wire allows you to send funds to the IRS.
USD Wire allows you to send funds to a specified recipient in US dollars.
To create a US Dollar template, select USD Wire.
First, enter a unique name for the template with no special characters.
Next, select the Debit Account from the account dropdown.
If needed, use the scroll bar to view all available accounts.
Next, specify the recipient for the template.
Protect yourself from fraud by verifying payment requests received via email.
Contact coworkers, vendors, and clients at an existing phone number to verify the payment instructions and account routing information.
You can create a new recipient or choose one from your saved master recipient list.
In this example, let's create a new recipient and add it to the master recipient list for future use.
Click "Create New" and simply enter the recipient information.
To ensure timely processing of the wire payment, please include the recipient's legal address.
Banks that you commonly use for wire payments can be added to your Preferred Bank list through the User Options by clicking on your user name.
Next, select the Full Bank List.
Select the correct bank from the Full Bank List.
You can save this recipient for future use by selecting the "Save to Master Recipient list" option.
Next, click Continue.
Preview your Recipient information and click Submit.
Assigning the Template Limit provides you with an additional layer of security.
For example, any wire payment that is initiated using this template cannot exceed the defined template limit.
Next, select how you would like the debit amount defined when using this template.
Under the Additional Information section, the Ordering Customer section is only required when acting as an authorized sender on behalf of another party.
Next, determine the routing options.
If you are creating a USD Wire template, the intermediary bank is optional.
If you are creating a USD International Wire, you must select an intermediary bank.
The system will prefill the defaulted intermediary bank information.
If you have another preference, you can select it by using the "Select from List" option or enter the bank information manually.
The Remittance Information is used to provide additional payment details.
The reference fields allow you to define additional information for the sender and receiver.
The Reference Info field is only for your purposes.
Reference for Recipient field is used for any special instructions you would like to provide the recipient.
Select "Allow Change When making payment" if these fields can be modified when the template is used.
For example, you may include additional information in the Sender's Reference field and Details of Payment at the time when the payment is created.
Click the "Plus" icon to add another Details of Payment line as needed.
Each line can contain up to 35 characters.
Please note that you should utilize each line before adding additional lines.
If you have a blank line, the wire payment will be rejected.
When you have finished defining your template, click Continue.
Review the template.
Click Submit Template to complete the process.
The successful Submit banner is displayed.
Click Template Center to see the newly added template displayed on the Template Center list with a status of Pending Approval.
As a reminder for security best practice, it is recommended to have another user review and approve templates.
In this example, dual approval is turned on requiring another user to approve the template before it can be used.
The Status column includes a hyperlink if you can approve a new or modified template.
Select the hyperlink to begin the approval process.
Review the template information.
The approver has the responsibility to review all recipient information for accuracy prior to approving the template.
Click Approve.
The Successful Submit banner will be displayed.
Click Template Center to continue.
The template is now approved and available to initiate wire payments.
Now we will initiate a wire payment using the created template.
First, select the template from the list.
Next, click Create Payment.
Enter the Debit Amount if applicable.
The value date defaults to the current day.
A calendar is available to choose a future date.
Click Continue.
Next, review the wire payment details.
Click Submit Payment to initiate the wire payment.
The Successful Submit banner is displayed.
Click Payment Center to see the status of the wire.
The submitted wire payment is displayed on the Payment Center list with a status of Pending Approval.
As a reminder, for security best practice, it is recommended to have another user review and approve wire payments.
In this example, dual approval is turned on requiring another user to approve the wire payment before it can be processed.
The Status column includes a hyperlink if you can approve a new or modified wire payment.
Select the wire payment from the list to begin the approval process.
Click Approve.
Review the wire payment.
Enter the appropriate security code from your designated authentication device.
You will only be prompted to enter the one time security code during this process.
If you are prompted to enter this information any other time, do not enter the code and contact Global Transaction Services Customer Service immediately.
Please note that the US Dollar wire payment must be approved by 2:30 P.M. Pacific Time for current business day processing.
If the wire is not approved on time, an overdue status will be applied.
Click Approve to release the wire payment.
The wire payment is now released to the bank for processing.
To confirm the status of your processed wire payments, you should periodically check the "View Processed" link from the Payment Center.
All other statuses will be under the All tab.
Completed wires payments have a status of "confirmed" and include a Fed Confirmation number for your records.
For more information please contact Global Transaction Services customer service.