Introduction to Wires

*This course is not eligible for AAP or APRP Continuing Education Credits

Today, consumers and businesses alike have more options than ever before to transfer funds.  One of those options is to send a wire transfer, also called a funds transfer, or simply wire for short.  In a time when the payments industry is focused on speed and security, it’s important to understand where wires fit into the U.S. payments ecosystem.  Stacey Gross, AAP, APRP, Senior Sales Engineer at Fiserv – a payments professional with more than twenty years of experience supporting electronic payments – introduces you to the foundational elements of wire transfers.  In this introductory course, you’ll learn what a wire transfer is, its characteristics, the participants and networks used for sending U.S. dollar wires, and finally, the benefits and common use cases for sending a wire.  This course is entry-level, intended for those in the banking and financial services industry, who may be new to electronic payments and looking to build a foundational understanding of wire transfers.

Stacey begins by explaining what a wire transfer is, including its characteristics.  Next, she’ll introduce you to the U.S. dollar wire participants and networks.  To wrap up the course, Stacey describes the benefits and common use cases for sending a wire transfer, including factors to consider when determining if sending a wire is the best option for the sender, factors such as speed and finality.

Questions answered by this session:

  • What is a wire transfer?
  • What are the characteristics of a wire transfer?
  • Who are the U.S. dollar wire transfer participants?
  • What are the U.S. dollar wire transfer networks?
  • What are the benefits and common use cases for sending a wire transfer?

Prerequisites (if any): None 

Level: Beginner

Learning Outcomes:

  • What is a wire transfer?
  • What are the characteristics of a wire transfer?
  • Who are the U.S. dollar wire transfer participants?
  • What are the U.S. dollar wire transfer networks?
  • What are the benefits and common use cases for sending a wire transfer?

Skills Covered in this Course: Wire Transfers, Fedwire® Funds Service, CHIPS®, SWIFT®

Instructors:

Stacey Gross, AAP, APRP, Fiserv

Key:

Complete
Failed
Available
Locked
[Recording] Welcome and Introduction
[Recording] What is a Wire Transfer
Quiz What is a Wire Transfer
[Recording] Wire Transfer Characteristics
[Recording] Wire Participants
Quiz Wire participants
[Recording] Wire Networks and Payment Flow
[Recording] SWIFT
[Recording] Benefits and Use Cases
Quiz Benefits and Use Cases
[Recording] Conclusion