Domestic Wire Transfer Procedure

Purpose

This document outlines the end-to-end procedure for initiating, approving, and settling domestic wire transfers within the Bank's operational framework. All staff involved in payment processing must adhere to these guidelines to ensure accuracy, regulatory compliance, and timely settlement.

Scope

This procedure applies to all domestic wire transfers denominated in the local currency, processed through the Bank's Core Banking System (CBS) and routed via the national Real-Time Gross Settlement (RTGS) system or Automated Clearing House (ACH) network.

Procedure

Step 1: Request Initiation

1. The client submits a wire transfer request via an approved channel: branch counter, secure online banking portal, or authenticated SWIFT message (for institutional clients).
2. The requesting officer captures the transfer details in CBS, including beneficiary name, account number, routing code, amount, and purpose of payment.
3. All requests must include a valid payment reference and, where applicable, supporting documentation (e.g., invoice, contract).

Step 2: Validation and Screening

1. The system automatically screens the transaction against internal watchlists and sanctions databases.
2. The officer verifies that the originator's account has sufficient available balance, including any applicable holds or encumbrances.
3. For amounts exceeding USD 10,000 (or local currency equivalent), the transaction is flagged for enhanced due diligence in accordance with AML/CFT policy.

Step 3: Approval

All domestic wire transfers are subject to the following approval hierarchy:

Step 4: Execution and Settlement

1. Upon approval, the transfer is released to the RTGS queue (for high-value payments above USD 50,000) or the ACH batch (for standard-value payments).
2. RTGS transfers settle on a real-time, gross basis during the settlement window (08:00–16:30 local time).
3. ACH transfers are batched and settled in the next available clearing cycle (typically T+0 for same-day ACH or T+1 for standard ACH).

Step 5: Confirmation and Record-Keeping

1. The originating officer issues a confirmation receipt to the client, including the transaction reference number and expected settlement time.
2. All transaction records are retained in CBS for a minimum of seven (7) years in accordance with regulatory requirements.

Cut-Off Times

Exceptions and Escalation

Any transfer that fails validation or is flagged by the sanctions screening engine must be escalated to the Compliance team within one (1) hour. The Payments Team Lead is responsible for monitoring the exception queue and ensuring timely resolution. Unresolved items must be reported to the Head of Operations by end of business day.

Related Documents

• AML/CFT Transaction Monitoring Policy
• Payment Approval Hierarchy
• Failed Payment Investigation Process