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Wire Transfer Basics

Webinar: ID# 1005032
Date: Recorded
Wire Transfer Basics
About This Course:
This webinar will cover the basic elements of wire transfers and how they differ from other types of payment channels (e.g. check, ACH and card).

We will cover UCC4A issues in depth; including all the key points that should be covered in financial institutions' legal agreements and contracts.

Covered Topics:
  • Wire Transfer definitions, key terms and types of wire transfer networks
  • Characteristics and statistics that differentiate wire transfers from other payment channels
  • Distinguishing aspects and overview of FedWire, CHIPS, and SWIFT
  • Regulatory landscape for wire transfer including:
    • Fed Operating Circulars 5, 6, and 7
    • UCC4A
    • Reg S, Reg E, Reg J Subpart B, and others
  • Risks involved with processing wire transfers
Who Should Attend

Bank and Credit Union operations staff, compliance officers, audit staff, staff with responsibility for wire transfer operations, sales staff and senior management.

The Presenter

Gary Nesbitt is the Principal with GNesbitt Consulting. He has over 25 years of experience in payments operations and regulations, including day to day operational management experience for ACH, wire transfer and treasury management products with a large multi-state bank. Gary has hands on experience in dealing with payment related issues arising from mergers and divestiture/purchase of accounts from other financial institutions. He managed wire transfer operations at the Federal Reserve. Gary spent over 15 years with a regional payments association as an educator and “trusted advisor” assisting members with questions and problems related to ACH rules, regulations, and operational issues.
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Wire Transfer Basics
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