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Funds Movement FAQ

Funds movement FAQ

How do I send a wire payment to a vendor?
  • In order to provide clear policies and procedures, and prevent fraud, the Treasurer's Office has asked that the following steps be followed whenever a wire transfer or foreign draft is requested.
    • All vouchers for wires, foreign drafts, or cashier's checks will be routed to Accounts Payable Shared Service.
    • A Wire Transfer Authorization form must be fully completed for each wire. See the , which includes a link to the appropriate wire form.
    • If a PO voucher, the voucher must be routed in ImageNow work flow to the "Cash Mgmt Internal Review" queue.
    • If a Non-PO voucher, vouchers must be routed through PeopleSoft workflow to the Office of the Treasurer worklist. 
    • An addressed envelope, with mail bar code, should be mailed to 118 University Hall for any foreign draft request. Any copies of invoices, registration forms, etc., that should be sent to the payee should be in the envelope with a copy attached to the voucher.  If no envelope is attached then the foreign draft check will be mailed to Accounts Payable Shared Services for distribution.
    • If there is any question concerning the payment, APSS, the authorized signer, and the voucher creator will be contacted for verification.
I need to send a payment to a foreign country in a foreign currency, is that possible?
  • We can send a wire transfer in a foreign currency, or we can issue a bank draft in a foreign currency
  • View the spreadsheet. Currency type, fees, and wire options are displayed when you select a country.
Wire fees
  • If the wire transfer is for a domestic USD transfer, no wire fee will be passed down to the department.
  • If the wire transfer is for an international USD transfer, a fee of $20.00 USD will be charged.
  • If the wire transfer is for a foreign currency, then a fee of $25.00 USD will be charged.
  • If the bank draft is for a foreign currency, then a fee of $8.00 USD will be charged.
  • The amount wired may be reduced by the intermediary bank and/or the vendor's bank.  If you want to ensure that the amount the vendor receives is sufficient, you can add $25.00-$30.00 USD to your wire payment amount to help cover any fees that the intermediary and/or the vendor's bank may take out.
Cashier's Check
  • In order to provide clear policies and procedures, and prevent fraud, the Treasurer's Office has asked that the following steps be followed whenever a Cashier's check is requested.
    • All vouchers for Cashier's Check will be routed to Accounts Payable Shared Services for fiscal approval.
    • The voucher needs to state who will pick up the Cashier's Check from the bank.  We need to notify the bank who is picking it up and that person will need to show a photo ID.
    • Vouchers must have the ImageNow approval stamp from Accounts Payable Shared Services authorized approver list.  The voucher must be routed in ImageNow work flow to the "Cash Mgmt Internal Review" queue.
    • If there is any question as to the authenticity of the signature, or any question concerning the supporting documents attached, the authorized signer will be contacted for verification.
    • The Treasurer's Office must be notified on a timely basis of changes in personnel and responsibilities of the authorized signers.
Where do I send my wire transfer voucher, foreign draft voucher, or cashier's check request voucher?
How soon will the payment be processed?
  • Once the voucher is in our queue, we route the voucher to central payroll for their approval.  This normally takes at most one day.  If there are any questions we route the voucher back to the original department for clarification.  Once the voucher is back into our queue and approved by central payroll, we can process the payment.  Most vouchers take 1 to 2 days to get approval and to process payment.
What is the difference between a wire transfer and an ACH transfer?
  • A domestic wire transfer is a direct bank to bank transaction that allows one account holder to move money from their account directly into the account of someone else.  This takes place within minutes.  A foreign wire transfer has intermediary banks so this process is not as quick and could take days for the funds to arrive in their final destination.
  • With ACH (Automated Clearing House) payments, all of the information for the payment is included in a batch which is sent to the clearing house.  All of the transactions in the batch are handled by the clearing house rather than as a direct bank to bank transaction.  Additionally, banks receive their ACH transactions at once, processing those as a single transaction, in a batch.  This simplifies the process, since each individual transaction does not need individual attention; it is all automated.  ACH funds are generally next business day availability.
What is an ABA or transit routing number?
  •  An ABA (American Bankers Association) number is a code that identifies a domestic bank.  This helps other banks transmit money to and from bank accounts.
What is a SWIFT code?
  • SWIFT codes are used for international wires.
  • A SWIFT code is a unique identification code for a particular bank and it is a standard format for Bank Identifier Codes (BIC).
  • SWIFT codes are used for transferring money and messages between banks.
  • SWIFT codes are 8 or 11 characters long.
  • The first 4 characters represent the bank code
  • The next 2 characters represent the country code
  • The next 2 characters represent the location code
  • The last 3 characters represent the branch code
What is an IBAN number?
  • IBAN numbers are used for European wires.
  • IBAN stands for International Bank Account Number.  The IBAN consists of up to 34 characters.
  • The IBAN consists of a combination of the following; Country code, check digits, bank code, branch code, and account numbers.
  • The IBAN is required for many wire payments and if it is not included then there will be additional fees for the wire payment.
What do I do if a customer wants to send a department funds by EFT or wire?
  • Nearly all electronic funds are deposited into our electronic receipts account.
  • Payments can be researched using the ACH/WIRE Electronic Receipts database that is accessed through .
  • Access can be granted to  so an end user can search for expected payments.  If you are requesting access to Commerce Connections please email UM VP FA Cash Management.  The request will also require approval by your division fiscal officer.
    • A Commerce Connections end user guide has been developed to assist in navigating the system.  If you would like a copy of the guide please email UM VP Cash Management.
    • A weekly unclaimed report is emailed to end users by the Controller's Office.  If you would like to begin receiving this report please contact Joseph Whelan.
  • If the customer needs a form filled out to accept electronic payments then please email, or fax the form to UM VP FA Cash Management, 118 University Hall, 573-882-6595.
  • Funds received should be claimed by Wire/ACH CRR or by Wire/ACH ARR.  If you do not have access then please have your division fiscal officer contact your campus accounting office to have the access granted.
I need to open a new bank account, what do i do?
  • Per the Finance Policies, only the Office of the Treasurer has the authority to establish bank accounts in the name of the °ÄÃÅÁùºÏ²Ê¹ÙÍø¿ª½±.
  • Please email UM VP FA Cash Management, or call 573-882-2612 with your request.

Can I remote scan my deposits?  What are the costs?

 Can Brinks pick up my deposits?

  • Brinks offers 3 day per week pickup / drop off service for approximately $282.16 per month.  Brinks also offers a 5 day pickup/drop off service for $414.79 per month.  if you are interested in this service please email UM VP FA Cash Management.

Reviewed 2024-06-25