1509 - ACH/Wire Transfers

Document purpose

To establish responsibility for and control ACH/wire transfers.

effective

January 1999

revised

May 2021

Reviewed

May 2021

Responsible Office

Treasurer

Approval

Treasurer

The Policy

  1. Electronic fund transfers are initiated by Accounts Payable with the exception of Human Resources/Benefits payments, debt service payments, Student Registration & Financial Services (SRFS) refunds and tax payments, which are initiated by the Office of the VP for Finance and Treasurer. Tax payments are also initiated by the Tax Office.

  2. The Office of the VP for Finance and Treasurer may also process time-sensitive wire transfers approved by the Executive Vice President, departmental Vice Presidents or executive-level personnel.

  3. The Office of the Treasurer is responsible for designating individuals who are authorized to initiate and approve online wire transfers. Dual-authorization is required on all non-repetitive wire transfers.

  4. Non-repetitive wire transfer requests must be submitted through the Penn Marketplace as a Same Day Payment. Cash Management must get verbal confirmation of payment instructions for non-repetitive wire transfer requests.

  5. Any wire transfer request that can be processed using an ACH (Automated Clearing House) payment may be processed in that system as determined by Treasury personnel.

  6. The Tax Department approves all foreign wire transfer requests. For each wire, the University retains the date, the foreign exchange rate for the transaction, and the USD equivalent of the amount.