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 for canadian based payments) once you initiate a payment in your erp, it's securely sent to the bank and is typically received within 10 minutes 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 or cad 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