Wire Payments


Hello, and thank you for joining me today to learn about RBC Express’ Wire Payments In this video – We will be looking at a how to send wires and save wire templates For example for wiring to an account held in Canada you will need the Bank Number, Branch number and Account Number However, Wires going to Europe will need an International Bank Account Number (IBAN) and SWIFT Code instead All Wires sent using RBC Express must include the Beneficiary’s name and address as well as their banks name and address For more details on destination specific wire formatting you can review the documents in the Digital Training Centre When setting up a Wire in RBC Express you will need to begin by deciding the frequency: The wire formatting for each of these types is the same, in this video we will focus on the Template feature as it is the most common type To locate the Wire Payments service, starting from the home page use the blue banner at the top of your screen to select the Payments Transfer & Deposits On this tab there will be a Wire Payments heading with several blue links We recommend you use the More link This will land you on the Wire Payments Summary page where any payments that are pending can be approved and where Stale Dated payments can be modified or deleted Wires can be come stale dated when a wire is created but not approved on time for itsdue date To set up a new template go to the left hand side menu choose Create under the Templates heading As you are filling in the Template keep in mind that required fields are marked with a red asterisk and that there will be fields that are not relevant to the destination or type of wire being sent If you need assistance with formatting your wire payment You can refer to the help link at the top right hand corner of your screen– this link will open a new window and will define all of the terms on the templates page You will also find a phone number at the very bottom of your screen where you can call for support When creating a tempalate begin with a name and description These fields will only be visible to users on your RBC Express profile it will not be visible to the beneficiary of the wire Verify for Express Entry is an optional feature If your likely to send multiple wires at one time you can consider selecting this option From the debit account drop down menu choose from the list of your organizations accounts The next selection is the debit account These are your beneficiaries accont details In the account field enter your beneficiary’s account number If you have been given an IBAN enter that here On the right select the currency of the beneficiary’s account – this will be important later The page instructs you to enter the bank/branch or ABA or swift Keep in mind not all fields here will need to be filled in it will depend on your destination the Bank and Branch fields are used only for Canadian Banks ABA routing number is only used for payments destined to the United States The SWIFT code is an Alphanumeric code used for most other destinations Keep in mind that you can review destination specific wire formatting in the Digital Training Centre Next are the Beneficiary’s Bank details and the beneficiary’s details Ensure full and accurate information is entered into the fields This information is used by the beneficiary’s bank to confirm the wire before crediting Wires payments with missing or inaccurate information are at a higher risk for being delayed or returned by the beneficiary’s bank For the Amount field we recommend that you leave this field blank unless the wire for bank processing reasons, please leave the Comments field blank and For the Payment Method: not all banks provide Advices, which are like Alerts and some may charge fees for the service. We suggest Credit Account no advice, to avoid fees or delays to the wires processing Next is the Currency drop down when you entered the beneficiary’s credit account number above you were asked to select the currency of that account On this drop down menu you are indicating if the currency of the wire will match the beneficiary’s credit account or if it should match your organizations, debit account If both accounts are the same currency you may choose either option I’m going to choose Debit account currency to indicate that this is a CAD wire For Payment Details: I will leave this field blank as I am creating a template It will be used for invoice numbers or other reference information to help the beneficiary identify the purpose of the wire For Most wires or wire templates this is sufficient information and you would select continue to review the details and save the template However, there may be some cases where your instructions include an Intermediary bank In that case there is a link above the continue button which allows you to add these details An Intermediary Bank is a financial institution that will receive this wire from RBC and pass it on to the beneficiary’s bank Most Wires are routed with the help of an intermediary however, this field should only be filled in if you have been specifically instructed by the beneficiary Now we have successfully created our template and it’s been saved to the platform That template can be used as many times as its needed It can be modified or updated if the information changes And it can also be deleted from the system Now that we have successfully created our template I am going to demonstrate how to use that template to send a wire starting from the home page use the blue banner at the top of your screen to select Payments Transfer & Deposits Under the wire payments heading this time Use the Create link This will bring you to a page that lists all of the Templates saved on your profile Use the check boxes on the left to Select the template choose continue at the bottom You may be presented with a warning this may be telling you that this template was used or modified recently This is here to help prevent duplicate wires and to ensure you are aware of any recent changes to these Wire instructions Click use template to continue On this page take an opportunity to review the details of the template if any details need to be changed use the left hand side menu to select Modify under the Templates heading If all details are accurate scroll down to the bottom to enter the final details First we enter the amount Then, select the value date or due date from the calendar At this time you can use the Payments Details section to enter invoice numbers or reference information And now select continue What happens next depends on your organization’s Approval Rules The Rules are created by the Administrators of your profile and they outline whether users can send wires independently or if they need approval from others There is an Administrative video that demonstrates how to set up these Rules If you are an approver: you will be prompted to enter your password the same one used to sign into RBC Express And a Token – which is a small device that displays a 6 digit passcode If you are not an approver : you will be clicking submit for approval and another user or Admin will sign in to review the wire and complete it with their password and token If you are looking to approve a wire created by another user Go to the Payments, Transfers & Deposits tab and select the More link to view the Wire Payments Summary screen On this page pending payments will be represented by a hyperlink Use this link to view the details of the wire and complete the approval by entering your password and token number To confirm the status of a wire created on RBC Express you can view and save the Wire activity Report This activity report is available from the left hand side menu under the Reports heading It has a 6 month history and will display the account information used to rout the payments as well as who created and approved the payment before it left the account On this report the status completed means that the wire has left RBC To view the Wires process after leaving RBC you can review the Wire Tracker The Wire Tracker is also in the Reports section On the left handside menu This page will list all outgoing wires created on RBC Express in the last 124 days Select the wire you want to track And you will presented with a page like this one This is an example of a completed wire On the left the blue box shows your organizations details as the Sender of the wire On the right in yellow are the beneficiary’s details And along the bottom are the steps this wire has gone through to reach the final destination his includes any intermediaries that assisted in processing the wire The green box in the middle is a summary of the current state of the payment including any fees deducted In this box is a SWIFT UETR which stands for Unique End to End Tracking Reference This number is assigned to the wire by the SWIFT network This reference number can be given to the beneficiary or the beneficiary’s bank if further investigation is required If you have any questions about the features shown in this video you can alway contact the client support centre Our phone number is at the bottom of your screen at all times

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