Wire System Updates

Since implementing our new wire system, effective December 5, 2016, the majority of our clients have updated their wire instructions to comply with the new wire account numbers and beneficiary names. If you have not yet done so, now is the time to update your information.

Beginning March 6, 2017, Cenlar will no longer support manually handling and correcting incorrect account numbers or account names, due to the wire system’s inability to automatically reroute funds. As a result, wires with incorrect information will be returned to the originator for correction.

If your organization has not yet completed the requested updates, we ask that you make all of the necessary changes no later than March 3, 2017. Please note that it is important to send the wires with not only the new account number, but also the newly assigned account name. Wires received with an incorrect account name will not be properly identified in the clearing account for your organization, which may delay identification of any reconciling items of your work.

Please also note that, although the accounts and identifying numbers used for the wire transfers have changed, the new system will deposit wired funds into the appropriate custodial bank accounts titled according to investor specifications.