Initiate and Approve Wire Transfers (3:39)

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Video Summary

Our online banking wire transfer service allows authorized business customers to initiate time sensitive transfers to domestic and international banks.

Video Transcript

00:00:00 - 00:03:39

How to Set Up Wires

Our wire transfer service allows authorized business customers to initiate time sensitive transfers to domestic and international banks. The Beneficiaries module lets you manage wire beneficiaries, such as individuals or corporations. To get started, click on the Wire module you will be prompted with the RSA Token Security Prompt. Enter your passcode, which consists of your 4-digit pin provided by Liberty and the 6-digit code on your RSA token. All as one long 10-digit number with no spaces. When done, click submit.

To add a beneficiary, select the Wire tab, then the Beneficiaries module. Click the Add Beneficiary button, and enter information for your beneficiary. Select domestic or international, and enter the beneficiaries information, such as name, account number and financial institution information. Some institutions are not equipped to receive wires, so you can enter the intermediary or recipient’s institution information. The system auto completes the financial institution name and routing number so you can select from the list to avoid errors. Once the page is complete, click Save.

After beneficiaries are created, initiate wire payments to one or more beneficiaries. To initiate a single wire, select the Wire tab, then the Single module. Select the beneficiary, funding account, and wire date (the date when the wire transfer is sent). Enter the amount and memo and click Submit.

To initiate wires to multiple beneficiaries at once, select the Wire tab, then the Multiple module. All beneficiaries are displayed on this page. Select the funding account and wire “send” date for each beneficiary to be paid. Enter the amount and memo, and click Submit.

One-time, free-form wire transfers are not stored in the system. To initiate a one-time wire, select the Wire tab, then the One Time module. And enter the required information.

For fraud prevention, use the dual-control approval process. Set the Number of Approvals Required to 1 as an Entitlement, so another business user must approve the wire transfer before it can be processed. As the authorized user who has Approve and Reject Entitlement, login to iBanking and navigate to the Wire Activity screen. The list of wire transfers to be approved is listed in the Pending grid. Select the wire, approve or reject, and enter comments. Pull wire transfer history from the Wire Activity screen in the History grid. Select the Wire tab, then select the Wire Activity module. You can search or filter the Wire history by Status, Funding Account, Wire Date or Reference number.

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