1,064: Electronic w88 slot Transfer Policy and Procedures

Revised: June 2016

Policy Purpose:

The primary goal of this policy is to ensure Electronic w88 slot Transfers (EFTs) are initiated, executed, and approved in a secure manner. This policy establishes requirements with respect to domestic and international payments via EFT for payments of university obligations to vendors. This policy is not applicable to student refunds paid from the student information system.

Definitions:

Automated Clearing House (ACH): Generally refers to payments made via direct deposit and should be set up in the vendor master that denotes this w88 slot method.

Bank codes:

• ABA - American Banking Association
• BIC - Business Identifier Code
• IBAN - International Business Account Number
• IRC - International Routing Codes
• SWIFT - Society of Worldwide Interbank Financial Telecommunications

Banking w88 slot: Information from the payee or their bank regarding their account; including bank name, account name, account number, routing number, bank contact information and any other information necessary to transmit w88 slot.

Electronic w88 slot Transfer (EFT): The electronic exchange (w88 slot of money from one bank account to another), either within a single financial institution or across multiple institutions, through computer-based systems. Wire transfers and ACH payments are examples of EFTs.

w88 slot request form: This form includes all required information necessary to complete the wire and is required to be submitted to the Controller's office. Wire request forms can be requested by explaining the need for wire w88 slot via email to controller@unr.edu.

Wire w88 slot: An electronic transfer of w88 slot from one bank account to another initiated directly with the payer's bank.

Policy Statement:

A wire transfer of w88 slot in payment of an obligation of the University will only be used when the situation requires immediate good w88 slot to settle a transaction. If a more inexpensive mechanism can be utilized to effect w88 slot of the obligation (i.e. ACH or paper check), which is true for most domestic payments, the Controller's Office shall reserve the right to effect w88 slot with a more inexpensive mechanism.

All other policies and procedures in relation to the purchase of goods and/or services must be adhered to.

General Requirements:

All EFT payments will be coordinated and submitted through the Controller's Office. The Controller or his/her designee will approve all new and changes to electronic w88 slot transfer requests, ensuring that the payment via wire is necessary, all required documentation is provided and appropriately approved, and that the request and banking account information is accurate and valid.

Roles and Responsibilities

Accounts Payable in the Controller's office is responsible for ensuring that proper documentation, authorization and accounting information are provided and accompany any EFT w88 slot instructions.

The Business Center North (BCN) is responsible for administrative process for the purchase of goods and/or services and negotiating w88 slot terms in relation to those purchases. If w88 slot via EFT is requested, BCN is responsible for working with the Controller's office to ensure the w88 slot can be made in accordance with this policy.

The Controller's w88 slot is responsible for initiating releasing EFTs on behalf of the University. Two separate individuals are required to initiate and release w88 slot payments through the university's banking partner's computer-based system. The Controller's Office also has the responsibility to confirm w88 slot instructions with specific departments and individuals if there is any question as to the validity of the w88 slot request.

Departments are responsible for obtaining and submitting proper support and approvals, including the completed and approved Wire w88 slot Request form to the Controller's office at least seven business days prior to payment being needed.

Procedures

To promote the safety of university w88 slot in the EFT environment, the following procedures will be adhered to all university employees requesting payments via EFT and all university employees involved in processing payments via EFT:

1. The procedure to initiate an EFT is subject to the same financial policies, procedures and controls that govern disbursement by any other w88 slot mechanism.
2. w88 slot transactions will not be made without proper authorization of affected parties in accordance with federal and state statue and accepted business practices.
3. Authentication of new w88 slot requests and changes to existing EFTs required prior to the transaction being input into the computer-based banking system and includes the following steps:

• Validate all new electronic w88 slot instruction requests received even if the request is internal.
• Contact the supplier or requester directly by phone to confirm any requests for w88 slot method or w88 slot instruction changes. Do not use the contact information provided on the request to change w88 slot method or w88 slot instructions; do use contact information known to be genuine such as the contact information in your master supplier file or information collected from the original contract. Have the contact confirm existing w88 slot instructions on file prior to making changes to those instructions (i.e. current bank account and routing number provided in original instructions).
• Verify the new information provided on the w88 slot instructions provided with the known contact (i.e. contact bank to confirm correct account name, number and routing information).
• Document the verification process that was followed to validate w88 slot instructions. The person responsible for entering/updating wire instructions and the person approving new/updated wire instructions must approve the record of verification. A record of the verification must be maintained in accordance with record retention policies.

4. When w88 slot payments are approved, they will be set up as a template in the computer-based banking system and cannot be altered by those assigned to use it. The set-up and modifications to these templates will require two authorized university signatories.
5. When ACH payments are approved, they will be set-up in the vendor master database in the financial accounting system by individuals authorized to perform vender maintenance.
6. Bank balances will be monitored daily for unusual or unexpected transactions.
7. Reconciliation of banking activity to the general ledger will be accomplished in a timely manner with investigation and resolution of reconciling items.