Wire

WIRE TRANSFER

1. Initiation: The sender provides their bank with the recipient’s name, account number and bank information (such as routing number for domestic transfers and IBAN for international transfers). 2. Verification: The sending bank verifies the sender’s account balance and transaction details. 3. Processing: The sending bank processes the transfer through payment networks such as Fedwire or SWIFT. 4. Intermediary routing: Especially for international transfers, the payment may route through intermediary banks that facilitate the transaction between different banking systems. 5. Funds crediting: The recipient’s bank receives the payment instructions and credits the funds to the specified account. 6. Notification: Both sender and recipient receive confirmation of the transfer. 7. Settlement: The banks complete the transaction by settling funds between themselves through central banks or clearing houses.