Wire Requirements
Our Domestic Wire Payment feature makes it easy to send wire payments within both Canada and the United States.
These payments are always processed in the local currency of the transaction (USD for US-based payments, CAD and USD for Canadian-based payments). Once you initiate a payment in your ERP, it's securely sent to the bank.
NOTE: For NetSuite users, to process wire payments through the plugin in NetSuite, you must have the Entity Bank Details bundle installed.
Key Terms
Below are some key terms to help you navigate the instructions and setup for FedWire payments more easily.
Term | Definition |
|---|---|
SWIFT/BIC Code | A Bank Identifier Code (BIC), also known as a SWIFT code, is an 8 (primary) to 11 (primary and branch code) character alphanumeric code that uniquely identifies financial institutions. Note: If the BIC is unavailable, you must provide the bank's full name and address instead. |
Vendor & Bill Requirements
To prevent payment delays or returns, all payments are required to have the following three requirements:
Vendor Record
The Entity's full legal name, address, post code, city name, state, and phone number must be accurately populated on the Vendor record.
Billing Address and Location
The Entity and Bill (if applicable) Billing Addresses must be located in the country of destination and must match the country specified in the Entity Bank Details record.
Currency
The currency for the Vendor Bill must be in CAD or USD, which must match the source account.
Payment Requirements
United States
Payment Context
- Method: Domestic
- Country: United States
- Currency: USD
Requirement Information
Routing Number is mandatory.
Account Number is mandatory.
Payer Account Number must be between 6 and 10 digits.
Destination Account Number can be up to 12 digits.
Canada
Payment Context
- Method: Domestic
- Country: Canada
- Currency: CAD or USD
Requirement Information
Transit Number is mandatory.
Account Number is mandatory.
Institution Number is mandatory.
Payer Account Number must be 7 digits.
Destination Account Number can be up to 12 digits.