The Initiate Freeform function accomplishes exactly the same function as does Initiate Template. However, Initiate Freeform does not require the use of a wire template. Instead, it allows you to fill in all of the information that otherwise would reside in the template.
Most financial institutions use an ABA number as their only routing type. The Business Banking System provides a search mechanism to let you look up ABA numbers. If your financial institution a bank, thrift, or credit union supports other routing types (e.g., Swift Society for Worldwide Interbank Financial Telecommunications (S.W.I.F.T) - The major international Interbank telecommunications network that transmits international payment instructions as well as other financial messages., DDA or CHIPS), the drop-down list on this screen will offer these choices.
Please note the Receiving Bank and Intermediary Bank sections are optional; fill the fields in only if you want the information recorded. See Using the ABA Search Feature for details.
Note: If your FI supports foreign currency transactions, always use US dollars in the dollar amount field. The exchange rate process is managed by the FI and since your account is in US dollars, it will always be debited the US dollar amount. The FI's wire operations area will manage the exchange rate conversion.
To initiate a freeform transfer:
1. Select the Wire Transfer option on the Funds Transfer menu and then click Initiate Freeform. The Initiate Freeform screen appears.
2. Fill in all of the required fields: Beneficiary Company Name and Account number, Beneficiary Bank Name and Routing Number, Transfer Amount and Debit Account. (The Debit Account drop-down list contains all valid account choices.)
3. (Optional) Enter a brief message in the Originator The originator is the individual or organization that is initiating the ACH The ACH is a network of regional associations, inter-bank associations, and private-sector processors. ACH payments are processed and settled electronically, thereby increasing reliability, efficiency and cost effectiveness. ACH payments are generally settled in one day or greater. transmission. For our purposes, the originator is the Commercial Customer a bank's customer, a thrift's customer, or a credit union's member. using the Cash Management system. to Beneficiary Message area.
4. (Optional) Edit the Value Date, if applicable.
5. (Optional) If your financial institution supports Foreign Currency Processing, enter a Currency Code.
6. Review all of the information and verify that it is correct. If necessary you can click the Reset button to clear all of the fields.
7. Click the Initiate button to submit the transfer. Please note that most financial institutions have a daily cutoff time for wire transfers.
Note: If the restrict option is checked and a wire transfer exceeds either the company limits or the end user an employee of the customer that is given access to application by the company administrator the customer, or a person assigned by the customer, who will have administration responsibilities in the Commercial Customer Platform of the application. or a user administrator. limits, the user will not be able to initiate the transfer. Also, your financial institution may specify that approval is required on all wire transfers, regardless of any defined limits. If approval is required (for any reason), a message will display on the screen with further instructions.
To check on the status of the submitted Wire Transfer, click the Transfer Activity button on the Wire Transfer menu.
Using the ABA Search Feature
1. Click the Search button next to one of the ABA/Routing Number fields. A secondary browser window appears.
2. Type one or more keywords in the Term(s) field and click the Search button. The search usually takes less that a minute, but will vary depending on network conditions and also on how many matches the system finds. The results returned are those institutions whose database records contain the keywords specified.
Note: The ABA Search uses a "Soundex" type of search (i.e., it attempts to find approximate matches based on probable pronunciation). It's tolerant of spelling errors and it looks at both the bank name and the city.
3. If matching terms are found, the Search window is updated with a table of financial institution names and data.
4. Click the ABA number of the desired financial institution. The system will close the Search window and copy that ABA number into the input field from which you started the search. (It also copies the name, city and state to the corresponding fields.)
You can sort the table by the data in any column. Click the up or down arrows in the column header cells for ascending or descending sorts.
You can print the table by clicking the Print button at the top of the window, or close it by clicking Cancel.