Skip to main content

ACH and Wire Payments in Q2

How to process ACH and wire payments in the new online banking system

Written by James Leeson

Complimentary ACH and wire services are available to Business Online customers, so that you can easily pay your vendors without writing checks or visiting a branch.

If you have not yet enrolled in Business Online and ACH/wire services, please complete a request form.

Enroll in Business Online

Once enrolled, log into Business Online, click Business Banking and then Payments.

Creating a Payment

If you regularly pay the same recipients, then consider creating Payment Templates. Otherwise, follow the instructions below.

Create an ACH Batch Payment

Use these instructions to send money to multiple recipients by ACH.

Click here to reveal instructions to create an ACH batch payment

  1. On the Payments Hub page, click New Payment and then ACH Batch

  2. Complete the information on the ACH Batch page, starting with Origination Details:

    1. SEC Code: Choose either PPD - Prearranged Payment and Deposit or CCD- Cash Concentration and Disbursement

      Note: PPD is used when your recipient is an individual (e.g. a person), and CCD is used when your recipient is a non-individual (e.g. a company).

    2. Company Entry Description: Enter your company name as you would like it to appear on the transaction description in your recipient's account

    3. From Subsidiary: If you have multiple entities listed in your online banking, chose the one from which you would like the payment to be sent

    4. Account: If your subsidiary has multiple accounts listed in your online banking, chose the one from which you would like the payment to be sent

    5. Effective Date: Select a date on which you would like your transaction to be processed

    6. Recurrence: If your transaction is repetitive, click Set schedule after choosing an Effective Date to see scheduling options for recurring transactions (e.g. Weekly, Monthly, Yearly, etc.)

  3. Next, select the Recipients for the payment by using the search bar or the Add multiple recipients button

    Note: If you have not already added recipients into your online banking system, you may do so by either following the guide on the Adding Recipients article or by using the New Recipient option on the search bar.

  4. After selecting a recipient, type in an Amount for that recipient

  5. Once you have input your recipients and amounts, you may add an optional addenda to each recipient using Freeform Addenda

    Note: Information input into the Freeform Addenda field travels with the transaction and is obtainable by your recipient through their financial institution.

  6. When you have added your recipients, amounts, and any optional addenda, click Draft or Approve

    Note: Clicking Draft will send the transaction for approval. Drafted transactions cannot be edited. If you have approval rights, you can approve a drafted transaction from the Activity Center. If your drafted transaction needs to be edited, you can copy it to make the necessary edits.

Create an ACH Collection

Use these instructions to collect money from one or more recipients by ACH.

Click here to reveal instructions to create an ACH collection

  1. On the Payments Hub page, click New Payment and then ACH Collection

  2. Complete the information on the ACH Collection page, starting with Origination Details:

    1. SEC Code: Choose either PPD - Prearranged Payment and Deposit or CCD- Cash Concentration and Disbursement

      Note: PPD is used when your recipient is an individual (e.g. a person), and CCD is used when your recipient is a non-individual (e.g. a company).

    2. Company Entry Description: Enter your company name as you would like it to appear on the transaction description in your recipient's account

    3. To Subsidiary: If you have multiple entities listed in your online banking, chose the one into which you would like the collection to be received

    4. Account: If your subsidiary has multiple accounts listed in your online banking, chose the one into which you would like the collection to be received

    5. Effective Date: Select a date on which you would like your transaction to be processed

    6. Recurrence: If your transaction is repetitive, click Set schedule after choosing an Effective Date to see scheduling options for recurring transactions (e.g. Weekly, Monthly, Yearly, etc.)

  3. Next, select the Recipients for the collection by using the search bar or the Add multiple recipients button

    Note: If you have not already added recipients into your online banking system, you may do so by either following the guide on the Adding Recipients article or by using the New Recipient option on the search bar.

  4. After selecting a recipient, type in an Amount for that recipient

  5. Once you have input your recipients and amounts, you may add an optional addenda to each recipient using Freeform Addenda

    Note: Information input into the Freeform Addenda field travels with the transaction and is obtainable by your recipient through their financial institution.

  6. When you have added your recipients, amounts, and any optional addenda, click Draft or Approve

    Note: Clicking Draft will send the transaction for approval. Drafted transactions cannot be edited. If you have approval rights, you can approve a drafted transaction from the Activity Center. If your drafted transaction needs to be edited, you can copy it to make the necessary edits.

Create an ACH Payment

Use these instructions to send money to a single recipient by ACH.

Click here to reveal instructions to create an ACH payment

  1. On the Payments Hub page, click New Payment and then ACH Payment

  2. Complete the information on the ACH Payment page, starting with Origination Details:

    1. SEC Code: Choose either PPD - Prearranged Payment and Deposit or CCD- Cash Concentration and Disbursement

      Note: PPD is used when your recipient is an individual (e.g. a person), and CCD is used when your recipient is a non-individual (e.g. a company).

    2. Company Entry Description: Enter your company name as you would like it to appear on the transaction description in your recipient's account

    3. From Subsidiary: If you have multiple entities listed in your online banking, chose the one from which you would like the payment to be sent

    4. Account: If your subsidiary has multiple accounts listed in your online banking, chose the one from which you would like the payment to be sent

    5. Effective Date: Select a date on which you would like your transaction to be processed

    6. Recurrence: If your transaction is repetitive, click Set schedule after choosing an Effective Date to see scheduling options for recurring transactions (e.g. Weekly, Monthly, Yearly, etc.)

  3. Next, select the Recipient for the payment by using the search bar

    Note: If you have not already added recipients into your online banking system, you may do so by either following the guide on the Adding Recipients article or by using the New Recipient option on the search bar.

  4. After selecting a recipient, type in an Amount for that recipient

  5. Once you have input your recipient and amount, you may add an optional addenda to the recipient using Freeform Addenda

    Note: Information input into the Freeform Addenda field travels with the transaction and is obtainable by your recipient through their financial institution.

  6. When you have added your recipient, amount, and any optional addenda, click Draft or Approve

Create a Domestic Wire Payment

Use these instructions to send money to one or more domestic recipients by wire.

Click here to reveal instructions to create a domestic wire payment

  1. On the Payments Hub page, click New Payment and then Domestic Wire

  2. Complete the information on the Domestic Wire page, starting with Origination Details:

    1. From Subsidiary: If you have multiple entities listed in your online banking and you would like all wires within this payment to come from the same entity, check the Use same Subsidiary for all wires box and select your relevant subsidiary

      Note: By default, this box is checked. If you uncheck this box, you will need to chose a From Subsidiary for each recipient when you enter the Wire Details below

    2. Account: If your subsidiary has multiple accounts listed in your online banking and you would like all wires within this payment to come from the same account, check the Use same Account for all wires box and select your relevant account

      Note: By default, this box is unchecked. If you leave this box unchecked, you will need to chose a paying Account for each recipient when you enter the Wire Details below

    3. Process Date: Select a date on which you would like your transaction to be processed

      Note: By default, the Use same Date for all wires box is checked. If you uncheck this box, you will need to select a chose a Process Date for each recipient when you enter the Wire Details below

    4. Recurrence: If your transaction is repetitive, click Set schedule after choosing an Effective Date to see scheduling options for recurring transactions (e.g. Weekly, Monthly, Yearly, etc.)

  3. Next, select the Recipient for the payment by using the search bar or the Add multiple recipients button

    Note: If you have not already added recipients into your online banking system, you may do so by either following the guide on the Adding Recipients article or by using the New Recipient option on the search bar.

  4. If you did not check the Use same Account for all wires box above, then you will need to select a paying Account and type in an Amount for that recipient

  5. Once you have input your recipient and amount, you may add optional messages or references to the recipient using Optional Wire Information:

    1. Message to Beneficiary: Also called "OBI/Originator to Beneficiary Information", this field is used for any additional details to be provided to the wire recipient

    2. Purpose of Wire: This information does not travel with the wire to the recipient and is internal to your online banking for audit purposes

    3. Reference for Beneficiary: If your recipient gave you wire instructions that requests reference information (e.g. reference number, invoice number, customer number, etc.), input that information in this field

    4. FI-to-FI Information: Also called BBI/Bank-to-Bank Information, this field is to provide the beneficiary bank further instructions pertaining to the wire transfer, such a Further Credit (F/C) instructions

    5. Description: This information does not travel with the wire to the recipient and is internal to your online banking for your records

  6. When you have added your recipient, amount, and any optional wire information, click Draft or Approve

    Note: Clicking Draft will send the transaction for approval. Drafted transactions cannot be edited. If you have approval rights, you can approve a drafted transaction from the Activity Center. If your drafted transaction needs to be edited, you can copy it to make the necessary edits.

Create an International Wire Payment

Use these instructions to send money to one or more international recipients by wire.

Click here to reveal instructions to create an international wire payment

  1. On the Payments Hub page, click New Payment and then International Wire

  2. Complete the information on the International Wire page, starting with Origination Details:

    1. From Subsidiary: If you have multiple entities listed in your online banking and you would like all wires within this payment to come from the same entity, check the Use same Subsidiary for all wires box and select your relevant subsidiary

      Note: By default, this box is checked. If you uncheck this box, you will need to chose a From Subsidiary for each recipient when you enter the Wire Details below

    2. Account: If your subsidiary has multiple accounts listed in your online banking and you would like all wires within this payment to come from the same account, check the Use same Account for all wires box and select your relevant account

      Note: By default, this box is unchecked. If you leave this box unchecked, you will need to chose a paying Account for each recipient when you enter the Wire Details below

    3. Currency: If the recipients within this wire payment all receive the same currency (e.g. USD, CAD, EUR, etc.), check the Use same Currency for all wires box

      Note: By default, this box is unchecked. If you leave this box unchecked, you will need to chose a Currency for each recipient when you enter the Wire Details below.

    4. Process Date: Select a date on which you would like your transaction to be processed

      Note: By default, the Use same Date for all wires box is checked. If you uncheck this box, you will need to select a chose a Process Date for each recipient when you enter the Wire Details below

    5. Recurrence: If your transaction is repetitive, click Set schedule after choosing an Effective Date to see scheduling options for recurring transactions (e.g. Weekly, Monthly, Yearly, etc.)

  3. Next, select the Recipient for the payment by using the search bar or the Add multiple recipients button

    Note: If you have not already added recipients into your online banking system, you may do so by either following the guide on the Adding Recipients article or by using the New Recipient option on the search bar.

  4. If you did not check the Use same Account for all wires box above or did not check the Use same Currency for all wires box, then you will need to select a paying Account and select a Currency when you type in an Amount for that recipient

  5. Once you have input your recipient and amount, you may add optional messages or references to the recipient using Optional Wire Information:

    1. Message to Beneficiary: Also called "OBI/Originator to Beneficiary Information", this field is used for any additional details to be provided to the wire recipient

    2. Purpose of Wire: This information does not travel with the wire to the recipient and is internal to your online banking for audit purposes

    3. Reference for Beneficiary: If your recipient gave you wire instructions that requests reference information (e.g. reference number, invoice number, customer number, etc.), input that information in this field

    4. FI-to-FI Information: Also called BBI/Bank-to-Bank Information, this field is to provide the beneficiary bank further instructions pertaining to the wire transfer, such a Further Credit (F/C) instructions

    5. Description: This information does not travel with the wire to the recipient and is internal to your online banking for your records

  6. When you have added your recipient, any amount, and any optional wire information, click Draft or Approve

    Note: Clicking Draft will send the transaction for approval. Drafted transactions cannot be edited. If you have approval rights, you can approve a drafted transaction from the Activity Center. If your drafted transaction needs to be edited, you can copy it to make the necessary edits.

Completing a Payment

Transactions are only considered complete when they are fully approved. Approval structures are established when enrolling in online services. Typically, ACH and wire transactions require two approvals, but your company may have set up their approvals differently.

Draft a Payment

If you do not have approval rights or are not yet ready to approve the transaction, use the Draft button after entering payment information.

Click here to reveal more information about drafting transactions

  1. Once you have entered all the payment information, click Draft

  2. After clicking Draft, a Transaction Drafted message appears with information about your transaction:

    1. Transaction requires # approval(s): This message shows how many approvals remain to be collected on the transaction

    2. Transaction ID: Use this ID to find your transaction in Online Activity

    3. Total Amount: Shows the dollar amount of your transaction

  3. To view your drafted transaction, click View in Activity Center on the message or navigate to the page by clicking Transfers & Payments and then Online Activity

    Note: If your transaction has not received all necessary approvals but is ready to be processed, please notify your company's designated approver(s) so that they may log in and approve the transaction.

Approve a Payment

If you have approval rights and are ready to approve the transaction, use the Approve button after entering payment information.

Click here to reveal more information about approving transactions

  1. Once you have entered all the payment information, click Approve

  2. When you click Approve, a Secure Access Token Required message prompts

    • Open the Symantec™ VIP Access app to generate a Security Code

    • Enter the Security Code on the Secure Access Token Required message and then click Verify

  3. After entering your Security Code, a Transaction Drafted message appears with information about your transaction:

    1. Transaction requires # approval(s): This message shows how many approvals remain to be collected on the transaction

    2. Transaction ID: Use this ID to find your transaction in Online Activity

    3. Total Amount: Shows the dollar amount of your transaction

    Note: If you are the sole approver for your company, then you will instead receive the Approval Successful message which states that the Transaction was successfully approved.

  4. To view your drafted transaction, click View in Activity Center on the message or navigate to the page by clicking Transfers & Payments and then Online Activity

    Note: If your transaction has not received all necessary approvals but is ready to be processed, please notify your company's designated approver(s) so that they may log in and approve the transaction.

Reversing an ACH Entry

If an ACH entry is made in error, you have 5 business days from the origination date to reverse the transaction.

To reverse an ACH payment, please contact our Cash Management Department at 781-783-1701. Before processing a reversal though, please review the following:

  • Contact the Receiver: The receiver should be aware that the reversal is going to happen so that there are still sufficient funds in the receiver's account to satisfy the reversal.

  • Reason for Reversal: The only applicable reason for a reversal is that the ACH entry was made in error. There should no other reason that the transaction would be returned.

  • Returned by Receiving Bank: If you find out after processing an ACH collection that your receiver has placed a stop payment or does not have sufficient funds, then the request will be returned by the receiving bank automatically. In this case, you will not need to process a reversal.

If you need additional assistance, please contact our Cash Management Department at 781-783-1701. We are available Monday-Friday from 8:30 AM to 8:00 PM (ET).

Related Articles
Did this answer your question?