added
September 16th, 2024
3 months ago by Shayla Gibson
- Voiding Outgoing Wires
- As a Bank, via our NEW Bank Console, they will be able to return an Incoming wire via a new button “Void Wire Transaction”
- If a wire is created, processed by our system, and sent out to the receiving bank where it's then unable to be processed (for example, due to sanctions against the intended recipient or the recipient's country), the bank will be able to mark the wire as voided and provide a reason why it's been voided.
- The bank can view all Outgoing/Originated wires in the new Bank Console, From there, a bank can select the wire in question and use the “Void Wire Transaction” button. When the action is triggered (Selecting Void Wire Transaction), a pop-up will appear with the bank representative will be able to provide the reason. When the action is triggered/completed, funds are moved from the outgoing wire settlement account to the FBO. A corresponding transaction is created for the return of funds in the ledger.
- NOTE: For some banks that support sending Treasury Prime notifications about wires being rejected, the process of voiding an outgoing wire is already automated.
- Returning Incoming Wires
- As a Bank, via our new Bank Console, they will be able to return an Incoming wire via a new button “Return Incoming Wire”.
- When an incoming wire is received and is unable to process. The Bank can leverage the “Return Incoming Wire” button to return the wire. A few example reasons as to why an Incoming wire will need to be returned are as follows:
- We receive an incoming wire with an invalid account number
- A wire was sent to a closed account
- Instances of detected fraud
- The bank can view all Incoming wires in
donestatus from the new Bank Console. From there, a bank can select the wire in question and use theReturn Incoming Wireoption. This will mark the wire as returned. In this scenario, Treasury Prime will not move funds. Since the money is still in the inbound wire settlement account, It is up to the bank to move the funds out and return them to the originating bank.