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    How Wire Transfers are Processed

    Hello All,

    We are currently using Pay Cycle Manager for paper checks and ACH vendor payments.  We are NOT using PeopleSoft for Wire Transfers. PeopleBooks is clear as mud regarding the process for issuing wire transfers through PeopleSoft.

    I'm looking for resources or anyone who would be willing to answer some questions about that process including; how are Wire Transfers initiated in the system (NPO, manual payments)? Configuration for setting up bank accounts for the Wire Transfers, how to separate workflow from our other payable items, etc. We do NOT have Financial Gateway.  Is Financial Gateway required for sending wire transfer?  We are on Financials 9.2 PI 22 with PT 8.54.23.

    Thanks for any resources or feedback you can provide!

    Jo Ann Musgrave

    Director of Financial Information Systems

    The Art Institute of Chicago

    116 S Michigan Avenue, 9th Floor

    Chicago, IL 60603

    Phone: 312-499-4091

    We do have some payments we record as manual WIRE payments.  We do not have financial gateway but do have payments our Treasury departments makes via wires that do get recorded in AP as manual payments.  Since these are made from a different bank account we manually update the voucher to show as a WIRE payment then process the payment manually.  The WIRE requests sent to our Treasury department is a manual form.  We are not initiating the WIRE request from the system only recording the payment.

    Hi Kim - Thank you for the response.  I realize now I should have been more clear.  We do record wire transfer manually on the voucher.  Our CFO attended a Treasury conference recently.  She spoke with some other PeopleSoft customer and found that run their wires, achs and paper checks all run via the pay cycle manager.  Thank you, Jo Ann

    We use PeopleSoft for wires (Bank Account Transfer and EFT Request pages).  We typically setup transfer templates (repetitives) so that the user simply needs to choose the date and fill in the amount.  Users do have the ability to do ad-hoc transfers where they have to fill in all of the origianator and beneficiary information.  We have a workflow process in PeopleSoft that routes the transfer for the appropriate approvals (different routings for repetitive vs. ad-hoc).  After all approvals are received the transfers wait in the Financial Gateway and are dispatched to the banks by a batch job.  Depeneding on the transfer, accounting will generate after the bank has received and processed the payment.

    Hi Ami,

    Thank you for the response.  Is Financial Gateway the only way to process wires via the bank?  I believe Financial Gateway is in Treasury Cash Management.  Correct?  We don't have the Treasury module.

    Thank you again for your help!

    Jo Ann

     
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