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The Office of the Comptroller

TO: University Administrators
FROM: Robert Smentek, Associate Comptroller
SUBJECT: Change in Procedures For Requesting Electronic (Wire Transfer) Payments
DATE: April 12, 2004

Effective Monday, May 3, 2004, when requesting an electronic disbursement each beneficiary (payee) must provide in an e-mail or on company letterhead the following information:

  • For Domestic transactions, Beneficiary bank name and complete address, ABA Bank Routing Number, Beneficiary account name and account number.
  • For International transactions, Beneficiary's receiving bank name and complete address, SWIFT (also know as BIC) Code Beneficiary account name and account number, and type of foreign currency if not US dollars.

Depending upon the type of payment, departments must complete either a Domestic or International Wire Transfer Request Form in addition to one of the standard payment request forms; Direct Payment Voucher (DPV), Accounts Payable Voucher (APV), Purchase Order or Travel Expense Voucher (TEV) Form. The Beneficiary's letter or e-mail must be attached to the appropriate Wire Transfer Request Form. Please note; an electronic payment will not be processed until all information is received.

Sufficient time must be allowed for the payment to reach the beneficiary's bank, particularly for international transactions. The process may take anywhere from three to five days from the date of submission to the Comptroller's Office. As a general rule, all Domestic electronic transfers are usually done as ACH (Automated Clearing House) transactions that take two to three business days from the date the transaction is submitted to the Northern Trust Bank to reach the beneficiary's bank account. International transactions may take considerably longer, depending on the final bank destination. However, a domestic transaction may be requested as a NEXT DAY RUSH WIRE for an additional charge of $100.

An Electronic Payment Request received in the Non-Salary Disbursements Department by no later than noon will be transmitted to Northern Trust Bank on the following day.

Questions regarding Electronic Payments should be directed to Gia Kastelic, Manager of Non-Salary Disbursements at 702-1978.