This workflow template illustrates the setup, approval and execution of electronic wire transfers to receiving banks and financial institutions for individual customers. Purchase and download this template in PDF, Visio (VSD), PowerPoint (PPT) formats. You can customize it to fit your own organization, or simply use it to better understand the Wire Transfers process.
Related KPIs : Cycle Time: Wire Transfers (All Outgoing), Unit Cost: Wire Transfer, Wire Transfer Error Rate (All Outgoing)
What is Wire Transfers?
The Wire Transfers process involves the setup, approval and execution of electronic wire transfers to receiving banks and financial institutions for individual customers. This process includes customer request notification, transfer of funds authorization and verification, evaluation of sufficient funds (if there are insufficient funds, the customer and the customer service representative must be notified), wire payment processing (if the wire is going to a new destination, all relevant information must be verified), wire rejection (if necessary due to incorrect instructions or information), fund distribution and the acceptance or denial of funds by the receiving bank. Ensure that the customer is informed of all rejected wire transfers and the reasons behind them.
Download a Sample Wire Transfers
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