Purpose of Wire field

Depending on your FI's configuration, a Purpose of Wire field can be made available in the wire payment workflows. This field provides FIs with a mechanism to document the purpose for originated wire transfers, either to align with their interpretation of the BSA Travel Rule and/or to comply with their wire processing system. The Purpose of Wire field is a 35-character text field and does not feed the Fedwire ouput.

When enabled for an FI, the field is entitled at the Group and Customer level. It will display for both Domestic and International Wire, single and recurring.