Funds Movement FAQ

Funds movement FAQ

How do I send a wire payment to a vendor?
  • In order to provide clear policies and procedures, and prevent fraud, the Treasurer's Office has asked that the following steps be followed whenever a wire transfer or foreign draft is requested.
    • The Accounting offices should select authorized approvers per business unit.
    • The Accounting offices should inform the Treasurer's Office and provide a name, address and phone number for each approver.
    • All vouchers for wires or foreign drafts will be routed to the appropriate Accounting office for fiscal approval either by Image Now workflow or by paper voucher.
    • A "Wire Transfer Authorization" form must be fully completed for each wire (See instructions).
    • Vouchers must have the ImageNow approval stamp from the accounting office's authorized approver list.  The voucher must be routed in ImageNow work flow to the "Cash Mgmt Internal Review" queue.
    • An addressed envelope, with mail bar code, should be mailed to 118 University Hall for any foreign draft request. Any copies of invoices, registration forms, etc., that should be sent to the payee should be in the envelope with a copy attached to the voucher.  If no envelope is attached then the foreign draft check will be mailed to the accounting office that approved the payment.
    • If there is any question as to the authenticity of the signature, or any question on the routing information provided, the authorized signer will be contacted for verification.
    • The Treasurer's Office must be notified on a timely basis of changes in personnel and responsibilities of the authorized signers.
I need to send a payment to a foreign country in a foreign currency, is that possible? 
  • We can send a wire transfer in a foreign or we can issue a bank draft in a foreign currency
  • Here is a list of all the available foreign currencies.
Cashier's Check
  • In order to provide clear policies and procedures, and prevent fraud, the Treasurer's Office has asked that the following steps be followed whenever a Cashier's check is requested.
    • The Accounting offices should select authorized approvers per business unit.
    • The Accounting offices should inform the Treasurer's Office and provide a name, address and phone number for each approver.
    • All vouchers for Cashier's Check will be routed to the appropriate Accounting office for fiscal approval either by ImageNow workflow or by paper voucher.
    • The voucher needs to state who will pick up the Cashier's Check from the bank.  We need to notify the bank who is picking it up and that person will need to show a photo ID.
    • Vouchers must have the ImageNow approval stamp from the accounting office's authorized approver list.  The voucher must be routed in ImageNow work flow to the "Cash Mgmt Internal Review" queue.
    • If there is any question as to the authenticity of the signature, or any question concerning the supporting documents attached, the authorized signer will be contacted for verification.
    • The Treasurer's Office must be notified on a timely basis of changes in personnel and responsibilities of the authorized signers.
Where do I send my wire transfer voucher, foreign draft voucher, or cashier's check request voucher?
  • All vouchers for wires, foreign drafts, or cashier's checks will be routed to the appropriate Accounting office for fiscal approval either by ImageNow workflow or by paper voucher.
How soon will the payment be processed?
  • Once the voucher is in our queue, we route the voucher to central payroll for their approval.  This normally takes at most one day.  If there are any questions we route the voucher back to the original department for clarification.  Once the voucher is back into our queue and approved by central payroll, we can process the payment.  Most vouchers take 1 to 2 days to get approval and to process payment.
What is the difference between a wire transfer and an ACH transfer?
  • A domestic wire transfer is a direct bank to bank transaction that allows one account holder to move money from their account directly into the account of someone else.  This takes place within minutes.  A foreign wire transfer has intermediary banks so this process is not as quick and could take days for the funds to arrive in their final destination.
  • With ACH (Automated Clearing House) payments, all of the information for the payment is included in a batch which is sent to the clearing house.  All of the transactions in the batch are handled by the clearing house rather than as a direct bank to bank transaction.  Additionally, banks receive their ACH transactions at once, processing those as a single transaction, in a batch.  This simplifies the process, since each individual transaction does not need individual attention; it is all automated.  ACH funds are generally next business day availability.
What is an ABA or transit routing number?
  •  An ABA (American Bankers Association) number is a code that identifies a domestic bank.  This helps other banks transmit money to and from bank accounts. 
What is a SWIFT code?
  • SWIFT codes are used for international wires.
  • A SWIFT code is a unique identification code for a particular bank and it is a standard format for Bank Identifier Codes (BIC). 
  • SWIFT codes are used for transferring money and messages between banks.
  • SWIFT codes are 8 or 11 characters long.
  • The first 4 characters represent the bank code
  • The next 2 characters represent the country code
  • The next 2 characters represent the location code
  • The last 3 characters represent the branch code
What is an IBAN number?
  • IBAN numbers are used for European wires.
  • IBAN stands for International Bank Account Number.  The IBAN consists of up to 34 characters. 
  • The IBAN consists of a combination of the following; Country code, check digits, bank code, branch code, and account numbers.
  • The IBAN is required for many wire payments and if it is not included then there will be additional fees for the wire payment.
What do I do if a customer wants to send a department funds by EFT or wire?
  • All electronic funds are deposited into out eloectronic funds account.
  • If the customer needs a form filled out to accept electronic payments then please email, or fax the form to UM VP FA Cash Management, 118 University Hall, 573-882-6595.
  • If you need assistance locating the payment in the electronic receipts account please search the unclaimed Wire ACH database. 
  • Funds received should be claimed by Wire ACH CRR.  If you do not have access then please contact your campus accounting office to have the access granted. 
I need to open a new bank account, what do i do?
  • Per the Cash Receipts Manual, only the Office of the Treasurer has the authority to establish bank accounts in the name of the University of Missouri.
  • Please email UM VP FA Cash Management, or call 573-882-2612 with your request.

Can I remote scan my deposits?  What are the costs?

Monthly Lease Options
Lease Option with TS240-50 Scanner $40.00 per month
Lease Option with TS240-75 Scanner $45.00 per month
Lease Option with CheXpress Cx30 $30.00 per month
  • There is an additional one time setup fee of 25.00
  • The lease plan is 36 months
  • Monthly fee includes the lincense, equipment, initial cleaning kit, and maintenance
  • Normal deposited item fees are above and beyond these monthly prices
  • $500.00 penalty fee if lease contract is terminated within the first 24 months
Puchase Options
Digital Check TS240-50 Digital Check TS240-75 CheXpress CX30
Sanner Price $840.00 $955.00 $475.00
Cleaning Kit $60.00 $60.00 $25.00
Dust Cover - Optional $ - $ - $ -
License - One Time Fee $475.00 $475.00 $475.00
Setup/Shipping - One Time Fee $25.00 $25.00 $25.00
Total $1400.00 $1515.00 $1000.00

  • Each scanner is sold with a Starter Kit containing a replacement ink jet cartridge and cleaning product

 Can Brinks pick up my deposits?

  • Brinks offers 3 day per week pickup / dropoff service for approximately 219.42 per month.  Brinks also offers a 5 day pickup/dropoff service for 322.45 per month.  if you are interested in this service please email UM VP FA Cash Management

Reviewed 2014-04-25.