About Wires
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About Wires

  • PDF

Article Summary

A wire transfer is a method of sending money electronically between financial institutions without an intermediary system, so wire transfers are typically received faster than ACH transfers.

Generally, wire transfers follow this process:

  1. The sender first pays for the transaction upfront at their financial institution.
  2. The sending institution sends a message to the recipient's institution with payment instructions through a secure system, such as FedWire or SWIFT. For Narmi, a FedWire file is generated for each wire and sent via SFTP to the institution's desired destination for further processing by the Federal Reserve. For SFTP file deliveries, Narmi supports username/password authentication, as well as SSH key authentication. Please reach out to your Narmi Relationship Manager for more information on SSH configuration.
    Note: Your institution may need to whitelist Narmi IP addresses on your SFTP server. Production requests can originate from, and
  3. The recipient's institution receives the necessary information from the sending institution and deposits its own reserve funds into the correct account.
  4. The two institutions then settle the payment on the back end, after the money has already been deposited.

Wire transfers can be offered to all your users, or offered only to a specific segment. Some wire settings can only be configured by Narmi support, but the following settings can be configured by your institution in our Admin Platform, under Institution Settings:

  • Wire Information – General information on wires and timing; this is displayed on wires page on both web and mobile banking.
  • Wire Disclosure – Disclosures on wires; this is displayed on wires page for both desktop and mobile banking.
  • Elevated Authentication Mode Required for Wires – Determines whether a user must complete a two-factor authentication step prior to submitting a wire. After a user completes the two-factor authentication step, they remain in Elevated Authentication Mode for the length of time in seconds that is specified by Elevated Authentication Mode Duration setting. To ensure that a user has sufficient time to receive and enter their authentication code, this value is typically no less than 20 seconds.
  • Business Close Time – Time in minutes that the financial institution closes. For example, 1020 is 5PM. Utilized for wire processing if 'Use Business Hours For Wire Delivery' is enabled and utilized for Audit Log delivery if 'Use Business Hours For Audit Delivery' is enabled.
  • Business Days of Week – Days of week that the financial institution is open. 
  • Business Open Time Minutes – Time in minutes that the financial institution opens. For example, 540 is 9AM. This is used for wire processing if the Use Business Hours For Wire Delivery Institution Setting is enabled. This is used for Audit Log delivery if the Use Business Hours For Audit DeliveryInstitution Setting is enabled.

Business banking users who have Collaborator access can be given permission to approve wire transfers via dual approval. For more information, go to Dual Approvals.

Note: Our Digital Banking product only supports domestic wire transfers, not international wire transfers.

The Wire Manager in our Admin Platform allows staff members to review wire transactions that have been flagged by risk settings and manually approve or deny them. Your institution can set up wire risk rules within the Admin Platform in Manage Risk Settings.

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