We are improving our technology to serve you better and offer you faster wire processing times. As part of this enhancement, we are requiring formatting updates for all international wire beneficiaries. If you have not sent an international wire recently, the next time you log in to use the service, you will note that all international beneficiaries have an invalid status.
You are only required to update a beneficiary that you need to use for a new transfer at this time.
The remaining beneficiaries will need to be updated as you need to use them. As always, country requirements can change frequently and without notice and this update may necessitate that you contact the beneficiary institution to confirm the wiring instructions or to gather additional information. We apologize for any inconvenience this may cause. It may be helpful to delete any beneficiaries that you do not believe you will need in the future.
You may also be asked to provide additional information for payments to certain countries. As wiring requirements will change from time to time, these types of updates are needed periodically to ensure that your funds reach their destination in a timely manner.
We have made some cosmetic and process changes to the eWire module as well. Examples include the following:
- Domestic and international beneficiaries are now on separate pages within the module and can be located by selecting Beneficiary from the top menu and then Manage Beneficiaries. The default is your domestic beneficiaries; you will need to click on the orange bar labeled International to view and edit your international beneficiaries.
- The account number field is now used for all country specific account number codes such as the IBAN or CLABE.
- Sort codes are now required for all transfers destined for the United Kingdom.
- Domestic correspondent banks are now only available for some countries. If a correspondent bank is no longer required, these transfers will be routed through the processing networks of our third party partner, Travelex.
Many of the changes are destination specific and may require confirming with the ultimate beneficiary and/or their financial institution. We are here to help with any questions you may have; please contact us at 202-212-6400 should you require assistance with the new formatting and requirements.
We appreciate your patience and support as we work to improve the speed of our international wire transfer processing. Thank you for the opportunity to be your financial partner.