We re getting ready to offer eWire. I am looking to not re-create the wheel and would like to ask if someone has a sample policy they would be willing to share? TIA!

You might have to define what you mean by eWire???

Thought this was a universal term but I am just becoming involved...eWire is a wire transfer processing service that features real-time integration with the Federal Reserve which allows for outgoing wires - from inception to approval - to go through our processor. This would still be accepted, validated, checked for OFAC and then approved. Entries would automatically generate. incoming wires would just post straight from the FED with the appropriate entries.

The customer comes into the branch and the wire is keyed directly into the system again real-time. Whereas now, the wire comes through the Wire Department who verifies and then sends.

Wouldn't your policies be developed after the process is fully analyzed and your risk assessment is completed? What you might choose as your risk mitigation processes may be totally different from another bank. Plus, since this is a sensitive high risk area, I am not sure that another bank is willingly going to share their policies or procedures.

our wire policy and corresponding procedures are likely a tad too long to share, but here are some things to think of:

one person keys and off it goes, no secondary verification of accuracy? or that a rogue employee is not wiring from a near-dormant account? what checks and balances will you have in place? NSF verification prior to sending? Will all employees have this ability? will you have dollar limits in place for employees to originate?

Ideas - thanks Happy.