This policy states the requirements for requesting and completing a wire transfer payment to a supplier.
Brown University pays suppliers using wire transfer under certain circumstances:
- International suppliers may be paid using a wire transfer
- Domestic suppliers may be paid via wire transfer in limited circumstances which must be approved in advance by the Director of Disbursements. ACH payment is available for all domestic suppliers.
Wire Transfer: Electronic transfer of funds through the networks that unite the world's banking system.
ACH (Automated Clearing House): An Electronic network for financial transactions in the United States. ACH transactions are processed in batches and funds are typically available in the payee account the next business day. ACH transfers are less expensive than wire transfers.
Bank ABA Number: The bank routing number
BIC (Swift Code) : A unique alphanumeric identifying code used to identify an institution among members of the SWIFT network (Society for Worldwide Interbank Financial Telecommunication).
IBAN: International Banking Account Number
Sort Code (UK Only): identifies both the bank and the branch where the account is held.
Intermediary Bank: The bank that processes a wire transfer after initiation by Brown University but prior to receipt by the payee’s bank.
- Obtain wire transfer instructions, including the wire instructions from the payee’s bank. If payee’s bank has multiple wire transfer choices, confirm the correct choice with the payee.
- Complete the Wire Transfer Form (please type for clarity).
- Attach the completed Wire Transfer Form and payee’s bank instructions to the supplier invoice. Attach each document as a separate attachment.
- Complete and submit the supplier invoice.
Cost Center Manager:
- Review the supplier invoice, ensuring all required wire transfer information is attached.
- Review Supplier Invoice and the wire transfer form for completeness
- Process wire transfer request
- Initiate Supplier Invoice in Workday. Attach supplier’s invoice.
- Estimate the US conversion for a supplier invoice that is in a foreign currency (use Oanda) and enter that estimate into the Workday Supplier Invoice. On the wire transfer instructions, enter the currency used on the supplier’s invoice.
- Accounts Payable will update the Workday Supplier Invoice with the US currency conversion on the date the wire transfer is complete.
- Obtain wire instructions from the supplier/payee. Payee can obtain wire instructions from their bank. Wire transfer instructions are different from ACH payment instructions. Attach the bank provided wire transfer instructions to the supplier invoice.
- Complete supplier invoice and attach invoice and wire transfer documentation.