FedWire Requirements

fedwire, or domestic us wires, are payments used to move funds within the us all transfers must be in usd for netsuite users, the entity bank details bundle is required to process fedwire payments through the plugin vendor record & bill requirements please include the following required information for all payments to avoid potential delays or returns the entity's full name, address, and phone number, are expected to be populated on the vendor record the entity and bill (where applicable) billing addresses must reside in the country of destination, matching the entity bank details record the currency of the vendor bill must be in usd key terms below are some key terms to make navigating the instructions and set up for fedwire payments easier! swift/bic code bank identifier code (bic) also referred to as a swift code consists of 8 (primary) to 11 (primary and branch code) alphanumeric and is used as a unique identifier for financial institutions please note if a bic is not known, the full name and address of the bank should be provided payment requirements swift bic country code us method domestic country united states currency usd requirements routing number is mandatory account number is mandatory payer account number is 6 to 10 digits destination account number can be up to 12 digits wire via netsuite wire payments are supported in three different regions/currencies us/usd generally available ca/cad in pilot gb/gbp in pilot if you wish to join an ongoing pilot, please reach out to your bank representative to request access the below information pertains to us/usd payments only netsuite vendor requirements summary of requirements company name (max 140 characters) type (company or individual) a valid us address, without the use of the "override" feature the company name, type and address of the vendor are required to be populated this information lives on the vendor record and resides in default fields as part of the base netsuite the phone number is optional it is unacceptable to use the " override" feature on the address, as this can interfere with extracting accurate address information print on check as will be used as the vendor name when populated this is the beneficiary name that will be transmitted in any remittance netsuite vendor bank account requirements for netsuite users, the fispan entity bank details bundle is required to process wire payments through the plugin to learn more about this bundle, use the menu on the left to navigate to the netsuite plugin setup once installed, this bundle can be accessed via the vendor record under the tab "entity bank details " summary of requirements method = domestic country = united states currency = usd type of accounts (default = checking) account number (expected between 5 and 18 digits) routing number (exactly 9 digits) bic code (exactly 8 or 11 characters) netsuite bill requirements in order to be eligible for payment, netsuite bills must be in an open state and marked as approved summary of requirements state = open approval status = approved for wire payments, the billing address must be in the us and the "override" toggle may not be checked for the address on the bill for wire payments, only bills in usd are acceptable the reference no must be no greater than 30 characters the memo must be no greater than 140 characters, if provided