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BankUSA Data

The document outlines the steps and standard processing times for outgoing wire transactions, detailing 47 specific steps aggregated into 16 main steps. It includes client interactions, verification processes, and quality control checkpoints, with a focus on accuracy and efficiency in wire processing. Standard times for each step are provided, highlighting the importance of thorough verification to ensure correct transactions.

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10 views8 pages

BankUSA Data

The document outlines the steps and standard processing times for outgoing wire transactions, detailing 47 specific steps aggregated into 16 main steps. It includes client interactions, verification processes, and quality control checkpoints, with a focus on accuracy and efficiency in wire processing. Standard times for each step are provided, highlighting the importance of thorough verification to ensure correct transactions.

Uploaded by

TIps and tricks on how to lose weight
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Outgoing Wire Process Steps and Standard Times

Process Steps (47 detailed steps Aggregated into 16 steps) Workgroup


Client Requests
Steps 1 to 3 (client and customer investment manager interaction,
accurate collection of process input information, submit to backroom
outgoing wire process for transaction execution)
Logging (Begin Outgoing Wire Process)
Steps 4 and 5 (receive request and verify) 1
Steps 6, 11, and back to 4 and 5 (incorrect or missing information—
2
rework)
Step 7 (confirm if >$50,000) 3
Steps 8 to 10 (separate into different batches and forward) 4
Verify the Receipt of Fax (Wire Request)
(Steps 4 to 7 above)
Direct Wire Input
Steps 12 and 13 (receive batches and key into system—batches are
variable but a typical batch is about 30 wires, which takes about 30 5
minutes to key into the computer)
Steps 14 to 16 (run remote report and tape and see if total dollar amounts
6
match—verify)
Steps 17 to 19 (tape and remote report do not match—rework manually
by checking each wire against each computer file—done by someone 7
other than keyer)
Verify the Accuracy of Wire Request
(Steps 12 to 19 above with a focus on keying the wire) Steps 20 and 23
(receive and verify the wire’s accuracy a second time in the computer— 8
done by someone else)
Verify the Accuracy of the Keyed Wire
(Steps 20 and 23 above, with a focus on the wire in the computer) 9
Steps 24 and 28 (release the wire) 10
Steps 25 to 27 (if wire incorrect, cancel wire, and rekey—back to step 12) 11

Step 29 (if CM needs to debit a customer’s account, do steps 30 to 32, and


12
batch and run tape)
Step 29 (if CM does not need to debit a customer’s account, do step 33—
wire is complete and paperwork filed)
Verify the Wire Was Sent Correctly
(Steps 29 to 33)
Steps 34 to 36 (taking money out of the customer’s trust account and
13
putting it in a Cash Management internal account)

Verify That Appropriate Funds Were Taken from the Customer’s Account
(Steps 34 to 36—done by someone else)
Step 37 (if totals on tape match totals on batch, go to steps 38 to 44) 14
Step 37 (if totals do not match, find the error by examining the batch of
15
wires; then go to steps 39 to 43)
Steps 45 to 47 (verify and file wire information) 16
Processing Times per Client Transfer Request
% Work through this stage
(Minutes)

16 minutes (2 to 120 minutes) This front-room


100% step is not part of the outgoing wire backroom
process, so ignore it.

100% 0.8 minute 0.8 0.8


3% 10 minutes
10 0.3
100% 0.8 minute 0.8 0.8
100% 0.1 minute 0.1 0.1
First Quality Control Checkpoint

100% 1 minute
1 1
100% 0.1 minute
0.1 0.1

3% 10 minutes
10 0.3
Second Quality Control Checkpoint

100% 0.5 minute


0.5 0.5
Third Quality Control Checkpoint
100% 1 minute 1 1
5% 3 minutes 3 0.15
70% 0.1 minute
0.1 0.07
30% 0.1 minute
0.1 0.03

Fourth Quality Control Checkpoint

100% 0.75 minute


0.75 0.75
Fifth Quality Control Checkpoint

97% 0.1 minute 0.1 0.097


35% 10 minutes
10 3.5
100% 0.75 minute 0.75 0.75
Logging Total
2 2 1

# of employees
Original Time
Time with employees

Direct Wire Input Total

1.4 2
0.7

Verify Accuracy: Wire Request

0.5 1
0.5
Verify Accuracy: Keyed Wire
1.25 1 1.25

Verify Wire was Sent Correctly


0.75 1 1.333333

Fifth cp
4.347 4 1.08675
11 5.870083
10.247 <=
11
>
0
Logging total Direct Wire Input Verify Accuracy;Wire Requrest Verify accuracy; Keyed wire

3 1 1 1
2 1.4 0.5 1.25
0.66666666667 1.4 0.5 1.25

Objective MIN

Total 5.65341666666667
Verify wire sent correctly Fifth Cp

1 4 11 <= 11
0.75 4.35
0.75 1.09 5.65341667

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