Understanding wire payment components
All wire payments or templates are built from records in the Recipient List unless you are using Wire Upload, which bypasses the Recipient List.
- Each recipient may have multiple payment accounts set up in the event that a single person or company must be paid to different accounts for different reasons. These records are called "Recipient Accounts."
- Each recipient record has a single set of demographic details such as name, address and display name.
- A Payment may contain one or more Recipient Account records. Note that a wire payment with multiple recipient accounts requires that the Multi-Wire feature be enabled for your company and User Role.
Why is there a recipient list database?
The Recipient List manages all of your recipient data in a single place, allowing you to reference that recipient data in multiple payments or templates. If the recipient information changes, you only need to update it once and it will automatically flow into all payments and templates that reference that recipient record. You will also be able to view a list of related templates that include the recipient as well as a payment history for that recipient.
Entering payment or payment template information
Wire payments combine the following data to form the payment instructions:
The Payment or Payment Template – is the container that specifies the instructions for the:
- Origination Details that define the Account and Subsidiary to be paid from, the date to process (recurrence if necessary).
- Recipient information that is drawn from the Recipient List database to attach a Recipient Account to the payment.
- Optional Wire Information that further informs the beneficiary as to how to apply the payment once received, including OBI and FI-to-FI fields. Because this information can vary from payment-to-payment, it is stored with the Payment/Payment Template and not with the Recipient record. If you commonly use these fields for "For Further Credit" (FFC) information, we recommend setting up Payment Templates that include multiple payments, each of which may contain different Optional Wire Information fields.
For field-level details for each payment type, see the related field reference guides: