Wire Settlements

Wire settlements offer additional B2B payments granting even more options to businesses as there is no waiting for cleared funds. Wire settlements have become highly valued and provide a safer and more secure option for fast payment due to their interbank transfer network (direct wire) and real-time gross settlement systems (designated banks and member banks). FedWire is executed through the Federal Reserve for national wire settlement. This is a planned set-up as the operating window is narrower and we recommend all employers set the process up as an option for fast payroll.

Reverse wire is a bank-to-bank ACH transfer moved through the Automated Clearing House (ACH) network. The difference is simple: these wires can be reversed under limited circumstances, but many employers want reversal as an option.

For international or remittance transfers there are The Clearing House Interbank Payments System (CHIPS) or The Society for Worldwide Interbank Financial Telecommunication (SWIFT) for international settlements. International wire settlements often transfer through multiple correspondence banks and can take several days to complete remittance.

Security & Fraud Prevention

TreasuryNotch was built around a system of safeguards and transparency designed to eliminate fraud and exploitation of the money movement system and to provide the most secure digital money movement and automated payment operations available – adhering to Nacha requirements, SSAE18 (SOC2) Type 2, and GAAP.