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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