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Special thanks to @Trevor Witchey, AAP, Senior Director, Payments Education for helping me write this blog!

Wires are essentially careful data entry that should be processed and sent via dual control – pretty easy stuff. However, the circumstances of why the wire needs to be sent immediately can make employees processing the transaction feel like they are in the hot seat.  In addition, because of the large dollar amounts typically involved and irrevocable nature of the wire transfer, the stakes are increased, multiple types of risk loom and the pressure builds.  This "sense of urgency" can be tough as wire transfers have to also be reviewed for balances (available and/or collected), OFAC, travel rules and possible fraud review parameters.  Those are necessary controls in the wire transfer process to avoid any credit, compliance or fraud risk while also wanting to avoid any reputational risk that might stem from a “bad wire” that was sent to another financial institution or even another country.

How do you manage these expectations AND keep your cool under pressure? Furthermore, how do you help your account holders, Treasury Management clients and fellow departments understand not just your wire transfer process, but the growing fraud risks that are out there? 

Through education and communication.  Here are 5 tips to help your financial institution process wires with calm and confidence:

1. First and foremost, you have to build relationships with other departments at your financial institution.  Host regular meetings with management and/or staff.  Become on a first-name basis with each department's manager to build an understanding of your financial institution's wire transfer policy, procedures and risk program.
2. Take time to understand other departments' processes and consider some cross-training.  If you learn how loans are processed or how Treasury Management clients are underwritten, then this cross-training may increase your ability to problem shoot a situation that involves a wire from that department. In addition, this will help you understand the types of businesses that are requesting wires as a service. Volunteer to meet with departments for training seminars or appearances at their own group meetings. Many other departments are busy managing their own processes and might not be keen on the latest trends with wire transfers.
3. Develop a relationship with your fraud department and meet with them regularly to discuss fraud trends. It is a must to learn about recent fraud attempts and what they are hearing from other financial institutions and encourage them to assist with preparing your procedures and training.  The fraud department can still independently evaluate system actions while also assisting to serve and protect clients.
4. Consider sending written communications in the form of email alerts or newsletters to other departments to ensure everyone is aware of recent fraud trends and best practices on security.
5. Help your fellow departments write their own wire transfer procedures that are applicable and associated with their processes.  For Treasury Management clients, help Treasury Management develop guides and manuals on how to properly complete a wire via online banking.  Within procedures, guides or manuals, you may also add tips on how to correctly enter/approve wires while also being aware of any fraud schemes.  Most definitely, insert recommended procedures on how to verify wiring instructions to avoid fraud from social engineering schemes.  Clear-text or unencrypted emails can be easily intercepted and additional verification steps should be taken for sent account information. 

With better education and communication with your fellow departments and account holders, the pressure of processing wire transfers can decrease significantly.  Furthermore, building relationships can create a unified team to help create needed change if your wire transfer process is becoming overwhelming.