Domestic wires

1. Once a US Domestic wire is initiated through the UI:
   • PayOps processes the wire request with the Bank of Record (BoR) using the provided wire information
   • Wire instructions are received and subsequently confirmed by the Bank of Record. This confirmation process may take up to 1-2 hours from the BoR’s receipt of the wire information
     • Wire request is confirmed via docusign by an authorized PayOps user
     • Wire information is then confirmed via phone call
     • Wire is sent out to beneficiary

International wires

Our current Bank of Record does not have standalone international wire capabilities, and as such, international wires are set up as a 2-stage process.

Birds-Eye Overview:

1. Customer initiates wire via UI
2. Customer sends wire instructions to payops@finclusive.com
3. PayOps sends wire through 2 stage process to beneficiary

Details:

1. Customer sets up international wire through the UI as a US DOMESTIC WIRE
2. Rather than selecting the beneficiary as the counterparty, the customer will instead select MVB BANK as the counterparty

*It is imperative that the beneficiary is still set up as a counterparty through the UI, as this is required for compliance checks. Without this step, the wire cannot be processed.

Once the wire is intiated through the FinClusive Platform, the customer must send international wire instructions to payops@finclusive.com

Wire instructions MUST include:

• Beneficiary Information
  • Name
  • Address
  • IBAN/Account number
• Bank Information
  • Bank Name
  • Bank Address
  • Country
  • SWIFT code
• Amount of transaction
• Narration/Notes (if applicable)
• Purpose

 (The email template can also be found here: Customer Wire Instructions for PayOps Outbound Template.docx)

Wire Instructions are received by PayOps, and the wire is initiated with the Bank of Record.

• The wire amount is confirmed by the Bank of Record and sent to the sending bank (MVB Bank Inc).
• Instructions are confirmed via docusign and then phone call (1-2 hours)
• Wire is received by the sending bank. Wire instructions provided by the customer are then used to initiate the wire out of the sending bank.
• Instructions are confirmed via docusign and then phone call (1-2 hours)
• Wire is sent out to the beneficiary

The wire cutoff at the sending bank is 3:00pm EST. As such, wire instructions must be received and confirmed by the sending bank no later than 2:45EST. If wire instructions are received or confirmed at or after 3:00pm EST, the sending bank will continue the process and send out the wire immediately the following business day.