Fedwire Funds Service is a real-time, gross settlement (RTGS) payment system of USA. It processes each RTGS payment initiated by the Fedwire Member bank on an individual basis and settles it immediately upon receipt. Settlement of funds is immediate, final and irrevocable, as in a RTGS system in any other country. Along-with NACHA ACH and CHIPS, it is a critical domestic payment system in the US.
High-lights of Fedwire Payments Module
You can capture Network Preferences for Fedwire Network in this maintenance screen.
You can invoke the “Fedwire Network Preferences” screen by typing ‘PWDNWPRF’ in the field at the top right corner of the application toolbar and clicking the adjoining arrow button. Click new button on the Application toolbar.
Specify the following fields:
Network Code
Specify a network code of the Fedwire network.
Network Description
Specify description of the Fedwire network.
Host Code
Displays the Host code assigned to of the branch selected by the logged in user.
Transaction Type
Specify if the Fedwire Network preferences are being specified for transaction type is Outgoing or Incoming transaction type.
FX Rate Type
Specify the FX Rate Type from the list of values.
External Exchange Rate Applicable
Check this box to indicate that fetching External Exchange Rate is applicable.
Funds Transfer CutOff Hours
Specify the Cutoff hours for Funds Transfer of Type code 10.
Funds Transfer CutOff Minutes
Specify the Cutoff Minutes for Funds Transferof Type code 10.
Foreign Transfer CutOff Hours
Specify the Cutoff hours for Foreign Transfers to foreign central banks and international organizations i.e. fund transfers of Type code 15.
Foreign Transfer CutOff Minutes
Specify the Cutoff Minutes for Foreign Transfers to foreign central banks and international organizations.
Settlement Transfer CutOff Hours
Specify the Cutoff hours for Settlement Transfers between Direct Fedwire members i.e. fund transfers of Type code 16.
Settlement Transfer CutOff Minutes
Specify the Cutoff Minutes for Settlement Transfers between Direct Fedwire members.
Service Start Time Hour
Specify the start time in hours of the Fedwire business day.
Service Start Time Minute
Specify the start time in minutes of the Fedwire business day.
You can view the summary in “Fedwire Network Preferences Summary” screen. You can invoke the Fedwire Network Preferences Summary screen by typing ‘PWSNWPRF’ in the field at the top right corner of the Application toolbar and clicking on the adjoining arrow button.
You can search for the records using one or more of the following parameters:
Once you have specified the search parameters, click ‘Search’ button. The system displays the records that match the search criteria. You can view the following details:
You can capture Network Currency Preferences for Fedwire Network.
You can invoke the “Fedwire Network Currency Preferences” screen by typing ‘PWDNCPRF’ in the field at the top right corner of the application toolbar and clicking the adjoining arrow button. Click new button on the Application toolbar.
Specify the following fields:
Network Code
Select the network code of the logged in user from the available list of values for the Host.
Network Description
This field is auto-populated based on the network code selected.
Host Code
Displays the Host code assigned to of the branch selected by the logged in user.
Transaction Type
Select the type of transaction for which the Fedwire Network preferences are being specified. The options are:
Transfer Currency
Select the required currency from the list of available currencies for the Fedwire network.
Minimum Amount
Specify the minimum amount for a Fedwire payment.
Maximum Amount
Specify the maximum amount for a Fedwire payment.
Transaction Pricing Code
Select the Pricing code from the list of available Pricing codes.
Debit Liquidation
Specify the template for Debit Liquidation from the list of available accounting templates. You can select the template from the option list. The list displays all the accounting templates maintained in the system.
Credit Liquidation
Specify the template for Credit Liquidation.
Dispatch/Receipt Accounting
Specify the template for Dispatch/Receipt Accounting from the list of available accounting templates.
Small FX Limit Currency
Select the required currency from the list of available currencies for specifying the Small FX Limit.
Small FX Limit Amount
Specify the amount for the Small FX Limit.
Authorization Limit 1
Specify the amount limit above which the transaction will need first level of authorization.
Authorization Limit 2
Specify the amount limit above which transaction will need second level of authorization in addition to first level of authorization.
You can view the summary in “Fedwire Network Currency Preferences” screen. You can invoke the Fedwire Network Currency Preferences screen by typing ‘PWSNCPRF’ in the field at the top right corner of the Application toolbar and clicking on the adjoining arrow button.
You can search for the records using one or more of the following parameters:
Once you have specified the search parameters, click ‘Search’ button. The system displays the records that match the search criteria. You can view the following details in here: