Wire Payments

q\&a related to wire payments domestic and international what are the cutoff times for wire payments in erpconnect? payments are processed monday – friday, excluding bank holidays the processing cutoff times for both wire payment types are listed below payment type cutoff time et domestic wire transfer 5 45 pm international wire transfer 5 45 pm what happens if we select to pay an open bill with a wire from an account not set up with wire ability? you are able to select “wire” or “intl wire” as the payment method regardless of the source account when you are paying a bill after you confirm the payment, the payment status will show as “sent for processing ” the payment will be rejected by the bank during validation and will display on the failed bills (netsuite, intacct, business central) or payment history (xero, quickbooks) page the payment will reopen on the open bills page important note we recommend you check the failed bills page daily to determine if any payments were rejected and manage the reopened invoices accordingly (contact your treasury relationship manager to add a payment type(s) to an account ) when will my account be debited and my biller receive my wire payment? the current date will be considered the effective/value date for a payment received by the bank on a banking day prior to the payment cutoff time please see the table below for more information payment type debit date (settlement date) credit date (receiving date) if payment is received after the cutoff domestic wire same day – your account will be debited when citizens receives the payment most beneficiaries will be credited same day or the next day the value date for payments received after the cutoff time (5 45 pm et), will be calculated by the system as the payment date + one day if the value date falls on a weekend or holiday, the payment will be rejected by the bank international wire same day – your account will be debited when citizens receives the payment some beneficiaries will be credited same day or next day, but others may be credited in 3+ days the value date for payments received after the cutoff time (5 45 pm et), will be calculated by the system as the payment date + one day if the value date date falls on a weekend or holiday, the payment will be rejected by the bank what are the wire payment statuses in erpconnect as a payment is processed? please see the below for the processing steps of wire payments wire payment processing state erpconnect payment status accessoptima® payment status / timing payment is submitted status sent for processing timing within a minute of submitting the payment status approved timing as soon as second user approves the payment citizens receives the payment instructions status processing by provider timing usually within 1 hour status bank received timing within minutes of approval a validation error with the payment is discovered status validation issue timing if caught by erpconnect, it will be almost immediate if it's at the bank side, it could take a bit longer but generally within a few minutes after processing by provider status status n/a timing general payment validation performed by the system prior to approval no reject received from citizens status succeeded timing within 1 2 hours status bank confirmed timing rejection is received from citizens and payment is not processed status failed timing as soon as rejection is received typically within 1 2 hours status rejected timing as soon as rejection is received typically within 1 2 hours