Process and Send Settlement Payment Via Wire

This article was developed to provide instructions on how to process and send a wire for a settlement payment. 

Step 1 - Have a valid wire payment request.

Providing a valid wire payment request is critical.  To be successful, be sure you have the following Recipient details. To tell if a wire is incorrectly chosen is if the consumer file is missing wire instructions OR if the wire information from the consumer is an outbound-only ABA #.  Once you confirm the wire payment is valid, make sure you have the wire details.

These details include the following Recipient information:

1. 1. Creditor Name or Client Name
   2. Creditor Address/Client Address
   3. Account Number
   4. Memo: "Settlement - Client Name Reference #"

Step 2 - Wire Instructions

Wire instructions should be included in the settlement payment instructions (which can be listed in the Settlement Letter document or by uploading a separate document specifically for the wire instructions to the creditor. Those instructions must include the following information: Routing ABA, Bank Address, Account Number, Name, Recipient Address, and Reference Number.

On the Forth CRM side, the wire special instructions info on the CREDITOR DETAILS section does not appear on the Payment side, and instead, the user has to copy or input the data on the NOTES section.

On the Pay side, wire details usually appear either in the settlement itself OR as a document. If neither occurs, contact the DRSP before proceeding.  You will need all the wire instructions details for the bank to process the wire payment.

Step 3 - Scheduling on the Client Dashboard 

The Support Team will schedule the wire payment by selecting the subtype “Bank Wire" and leaving it in an "Open" status. When the process date comes through, should the account have enough funds, the status will change to "Pending". The Support Team will then interact with the bank to establish the wire transfer/payment. Once the transaction is completed (with the bank providing a Fed Reference number), the transaction is then updated to "Cleared". Contact your Account Manager if you have further questions.

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