Needham Bank Business Online Banking

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Beverley Carroll
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1 Needham Bank Business Online Banking Wire Transfers Published December 2017

2 Contents Wire Transfers... 2 Requirements... 2 Daily Wire Limits... 2 Wire Processing Daily Cutoff Time... 2 Wire Handling Requirements... 3 Dual Control... 3 Wire Initiator... 3 Wire Approver... 3 Wire Confirmations... 3 Wire Transfer Payees... 3 Creating Payees... 3 Managing Existing Payees... 5 Initiating a Wire... 6 Single Wire Transfer... 6 Multiple Wire Transfer... 6 One Time Wires... 6 Wire Transfer Activity... 7 Security Layer... 7 Approving Wires... 7 Wire History

In order to start processing wires, the owner on the account must accept Needham Bank s Wire Disclosure. This gives us authorization to provide you with wire capabilities.

3 Wire Transfers provides users the ability to create and send domestic and international wires through our online platform. A business administrator (admin) can established the company s controls by setting daily and transactional dollar limits per user and designates who can originate wires. In order to start processing wires, the owner on the account must accept Needham Bank s Wire Disclosure. This gives us authorization to provide you with wire capabilities. Once you have been setup for wire transfer capabilities, getting started is easy. The Wires menu will be made available from your main menu tabs. Select this option to jump to the main Wire screen. Requirements Please review all wire requirements prior to creating your first wire. Contact Business Online Banking Support with any questions regarding wire requirements and set up at Daily Wire Limits Companies with business online wire services must set a daily wire limit amount upon enrollment for the service. Your limit will be set by our Cash Management Team based on your anticipated wire transfer activity. If you wish to temporarily exceed your set limits, please call Business Online Banking Support at Wire Processing Daily Cutoff Time Needham Bank s daily wire cut off time has been extended to 4:30 PM EST. Wires are accepted with a same day processing date until the Needham Bank wire processing cut off time. Wire requests submitted after the cutoff time will be scheduled with the minimum value date of the next business day and will be processed at that time. Please review the cutoff time as they may be subject to holiday hours. 2

4 Wire Handling Requirements Dual Control Companies are required to use dual control when submitting wires through the. This securely confirms all wire transfers for an organization are reviewed by more than one individual. For the purposes of this document we will refer to the individual creating the wire as the initiator and the individual approving the wire as the approver. Wire Initiator The wire initiator will use the Wires menu tab to initiate a wire transfer to a wire payee. This user must have the appropriate wire entitlements for at least one eligible Needham Bank account. Wire Approver The wire approver will use the Activity submenu screen to approve the wire. This user must have the appropriate wire approval entitlements in. Approvers will be provided a mini token device, RSA token, and approval instructions for completing approvals upon set up for the service. Wire Confirmations Additionally, for security purposes and verification, Needham Bank may contact you to verify the wire request before processing. Wire Transfer Payees Payee templates can be created in Wires. These can be used to quickly input payee information to initiate single and multiple wires. This speeds up wire processing by eliminating having to re-enter information on a payee you often send money to. Creating Payees Step 1 To create new payee just select the Add Payee from the Payee screen of the Wire menu. 3

the wire. You must include all required fields marked with an asterisk (*).

Required information includes: - Nickname - Payee Name - Account Number - Format

re sending a domestic wire; enter the Payee s Financial Institution Information.

Required information includes the Institution Number Type, Institution Name, and

5 Step 2 Select Payee Type. This information will be sent with the wire to communicate who is the beneficiary of the wire. You must include all required fields marked with an asterisk (*). Step 3 Enter Payee Information which is required in order to send a wire. Required information includes: - Nickname - Payee Name - Account Number - Format (Domestic or International) - Address - Country (Foreign wires only) Step 4a If you re sending a domestic wire; enter the Payee s Financial Institution Information. This information will be used to send the wire to the correct destination. Required information includes the Institution Number Type, Institution Name, and Institution Number. Start typing the institution name and a dropdown menu will appear where you can select the desired institution. All other required information will then prefill. 4

Step 5 Once you have entered all required information you may select Save to complete the template.

6 Step 4b Additional information such as Receiving or Intermediary Financial Institution may be required if you re sending a foreign wire. In these instances you will select Show Details to expand and fill out these fields. Step 5 Once you have entered all required information you may select Save to complete the template. Managing Existing Payees Managing your payee templates is easy from the Payee submenu. This displays all your payee nicknames, names, and the last four digits of their account numbers. You also have the option to edit and delete payees. 5

Initiating a Wire Any user in with the Initiate Wire entitlement can initiate a wire. Using an existing Payee Template, it s simple to add a payee, select a funding account, amount, and date.

Single Wire Transfer Sending a wire to one payee? Use the Single submenu to initiate a wire transfer to a single payee. One you submit the wire it will be ready for approval.

7 Initiating a Wire Any user in with the Initiate Wire entitlement can initiate a wire. Using an existing Payee Template, it s simple to add a payee, select a funding account, amount, and date. You have the option to include a memo with the wire. Note that wires must be approved after initiated in order to be sent to Needham Bank for processing. Single Wire Transfer Sending a wire to one payee? Use the Single submenu to initiate a wire transfer to a single payee. One you submit the wire it will be ready for approval. Multiple Wire Transfer Sending a wire to more than one of your payees? Initiate a wire transfer to multiple payees from one screen. The Multiple submenu displays all your payee templates where you can initiate wires to all or some on the list. Once you have selected the account, amount, wire date, and optional memo for the desired payees, select submit. 6

8 One Time Wires Also known as free-form, one time wire can be initiated to a payee without saving their information. Similar to creating a new payee, enter all required information for the wire amount, date, payee, and financial institution. Select Submit to initiate the wire. Wire Transfer Activity The Activity submenu is accessible to any user with an issued RSA token. Upon selecting the Activity screen, you will be met with a security prompt that requires you to enter an access code. Security Layer As an additional security layer all wires must be approved by another user. In order to approve, that user must have access to an RSA SecurID token. The token is an authentication tool which is assigned to a specific user. The token generates an authentication code every 60 seconds. You will be prompted to enter your access code once you select the Activity submenu. Approving Wires All wires must be approved by a user who has been granted the Wire Approval entitlement. Wire can be approved when logged into your NB Business Online banking or through the NB Business Mobile App. Once in the Activity submenu you ll find the Pending module which displays any wire waiting to be approved or denied. This screen lists payee information, amount, status of the wire, wire date and who initiated. The user who initiated the wire will be able to see this information but is unable to approve. As the approver, click the checkbox of the desired wire and select Reject or Approve. This will send the wire information to Needham Bank to process the wire transfer. 7

This information can be exported using the Export button at the bottom of the module.

9 Wire History Users with access to the Activity submenu can review all wire history included approved and rejected wires. This information can be exported using the Export button at the bottom of the module. Over time, as wire history builds, you can initiate a search by selecting the Show Search Option check box. You can then filter your results to find desired information. End of : Wire Transfers 8

Online Banking Guide for Commercial Customers

Online Banking Guide for Commercial Customers On the main page highlight transfers Select Make a Wire Transfer Getting Started Wire Type - Domestic wire type is the default Wire Name - Give your wire a unique name Debit Account - Choose the account