Wire operations

Wire operations process

On a daily basis, your bank will get either one domestic wire or one wire drawdown request sent from Northern Trust (ABA #071000152) to your Program Account, the account held in Northern Trust's name at your institution. The wire or wire drawdown request will be sent at 2 PM ET and acceptance is required by 2:30 PM ET.

Inbound wires

Inbound wires to your bank will not require any changes to existing wire processes.

Outbound wires

Outbound wires from your bank will appear in the wire system pre-filled. Your wire department will only need to approve the request, which will initiate the wire. There is no need to fill out a new wire form or go through the typical process of generating an outbound wire. Additionally, please do not reverse any transactions unless a reversal is explicitly requested by NBID.

Your Program Account should be set to automatically accept and process any wires or wire drawdown requests received from the account at Northern Trust. If auto-acceptance is not possible, the NBID operations team will establish a format that works best for your team.

Notifications and documentation

In addition to the wire requests, NBID will send an automated e-mail to your wire operations designated party, notifying them of the amount of the inbound wire or drawdown amount to serve as documentation. Further documentation will be available each day in the Admin Portal.

Small dollar testing

In preparation for future daily wire operations, NBID will send small dollar test wires to ensure the execution of the daily operations:

1. NBID sends one small wire in the morning.
2. NBID sends a matching drawdown request in the afternoon.
3. Your bank processes the wire and wire drawdown as soon as possible.
4. After small dollar testing, your institution sets up automatic acceptance processes for all wires and wire drawdown requests from Northern Trust.