Policy

University policy provides that vendors be paid by check, procurement card or electronically (ACH) however not all international payees are able to accept those forms of payment.  As a result, treasury services is sometimes required to pay by wire for international payees. 

PROCESS

The department must provide a properly completed Wire Request Form to Accounts Payable following all university policies for payment.  Treasury does  not receive the Wire Request Form until Accounts Payable determines that the expense meets all University policies.   Wires are processed daily by 10 am upon approval by Accounts Payable except on federal or University holidays.  Any requests approved by Accounts Payable after 10 am will be released the following business day.  If there is a need for payment after the deadline, the requester must contact Accounts Payable in advance. 

Once received, tax and treasury staff reviews the banking information.  If all required banking information is provided, then the wire will be sent.  If any information is unclear, treasury will contact the preparer of the wire request form for clarification or additional information.

Once the wire has been completed, the department will be notified by e-mail from treasury@kent.edu to the preparer of the Wire Request Form. If the vendor is unable to find the payment in their bank account, then treasury can provide the department additional wire details.

BANKING INFORMATION REQUIRED

On the Wire Request Form, indicate the amount to be paid in the desired payment currency.  If the wire will be in a foreign currency, please do not convert to US dollar anywhere on the wire request form because the US dollar amount will not be known until the transaction is processed by our bank.  The banking information must be printed on the invoice or on letterhead from the vendor's bank otherwise the wire may be delayed or in some cases not received at all by the vendor's bank.

Sometimes the payee will have an intermediary bank.  The intermediary bank may be a domestic or international intermediary bank.  There is no way for the department to know this without asking the payee to provide complete wiring instructions. To avoid confusion and prevent delays in payment, we prefer a letter from the payee's bank but will also accept the information printed on the payee invoice.

 

Information required -must be printed on the invoice or on letterhead from the vendor’s bank (Preferred)

Currency that the account accepts -this could be US dollar or foreign currency or both

Exact Name on the vendors bank account/legal name on the bank account -must match Payee/Vendor on the wire request form

Name of the vendor’s bank

Address of the Bank - include City and Country

Bank SWIFT code

IBAN # (Required for European Countries) or account # (depending on the country)

Any Country specific codes (Sort Code, IFSC, BSB, etc.)

Reference information (i.e. PO number, invoice Number, etc.)

 

If there is a domestic (US) intermediary bank

ABA Routing # OR Bank SWIFT code

Bank account number

Bank name

if there is an international intermediary bank

Bank SWIFT code

IBAN# (required for European Countries)  20-27 Digits starting with 2 letters

Bank account number

Bank Name

City

Country

Any Country specific codes (Sort Code, IFSC, BSB, etc.)

 

 

QUESTIONS?

Department staff should contact treasury@kent.edu for questions on the required banking information.  For all other questions on the Wire Request Form, please contact payments@kent.edu or by calling accounts payable at 330-672-2607.

 

 

 

Resources

Wire Request Form (Accounts Payable Webpage)

Accounts Payable