Outgoing Wire Payment Workflow
This workflow is available via the Unit Dashboard for all bank partners except Blue Ridge Bank. Wires originated by Blue Ridge Bank customers will continue to follow existing processes outside of the Unit Dashboard.
Overview
Due to their speed, irrevocability, and movement of large amounts, wire payments are subject to additional review, authorization, and approval actions, based on risk parameters defined by your bank partner. The Pending Review status indicates that a wire payment requires manual action by Unit, you, or your bank partner, before the payment can be processed and sent.
All required actions related to wire payments, as well as the relevant assignee, are visible in the Assignments section of the Payments tab on the Unit Dashboard. Required actions related to a specific wire payment are visible on the wire payment screen on the Unit Dashboard.
Prior to enabling wire payment functionality, you are required to provide an email address where you will receive real-time email notifications of new wire payment actions assigned to your organization. Automated email notifications will be sent from assignments@unit.co; please ensure this email address is white-listed by your organization.
Types of Required Actions
General Reviews
Outgoing wire payments that meet certain risk parameters are subject to a manual review by Unit or your bank partner. This is reflected as a “General Review” action on the Unit Dashboard, typically assigned to Unit.
During General Reviews, the Unit Banking Operations team may reach out to you via Slack with follow up questions about the purpose of the wire payment and recent account activity of the customer.
Wire payments will remain in a Pending Review status until the General Review action and any subsequent required actions are completed. You can view the outcomes of General Reviews on the wire payment screen on the Unit Dashboard.
Callbacks
Outgoing wire payments over a certain amount threshold, as defined by your bank partner, require you to perform a callback to an authorized representative of the customer, to confirm proper authorization of the wire prior to processing.
This is reflected as a “Callback” action on the Unit Dashboard, assigned to your organization.
Currently, Admin, Restricted, and Readonly org user roles are permitted to submit Callbacks on the Unit Dashboard.
Below are the steps required to complete a Callback action in the Unit Dashboard:
- You will receive an automated email from assignments@unit.co, when a Callback action is assigned to you for a large wire payment by your customer. The email will include a link to the wire payment screen on the Unit Dashboard.
You will review the callback script on the Unit Dashboard and perform a call to an authorized representative of the customer.
- For a business customer, the authorized representative must be the business contact, beneficial owner, officer, or authorized user listed in the Unit Dashboard.
- For an individual customer, the authorized representative must be the individual customer.
- In the text box, you will record the name and phone number of the authorized representative you spoke with, as well as a summary of their responses to the required questions.
- You will attach a recording of the call and press Submit. You may choose to cancel the wire, which will change the wire payment status from Pending Review to Canceled.
- After pressing Submit, the wire payment status will remain Pending Review and a new Callback Review action will be assigned.
The below video demonstrates the callback submission process in the Unit Dashboard:
Callback Reviews
Callback Review actions are assigned to either Unit or the Bank to review and approve, as dictated by the bank’s policy. The relevant assignee will review the callback evidence submitted by you in the Unit Dashboard and must approve the Callback Review action, before the wire can be processed.
Unit Banking Operations or your bank partner may reach out to you via Slack or email, if they have any questions about the wire payment or evidence submission prior to approving the Callback Review.
Once the Callback Review is approved by the designated assignee, the wire payment status will change from Pending Review to Pending.
You can view Callback Review decisions on the wire payment screen on the Unit Dashboard.