Oregon State Treasury

Ted Wheeler OREGON STATE TREASURER

Wires

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GENERAL INFORMATION

Wire Transfer Services Overview

PRODUCTS

REGULATORY

RESOURCES

OST Cash Management Forms


GENERAL INFORMATION

ORS 293.875 designates the State Treasurer as the sole banking and cash management officer for the state.  Via that designation, Oregon State Treasury (OST) has broad authority to review, establish, and modify policies and procedures for the efficient handling of cash and cash equivalents under the control of all state agencies, including universities.  OST acts as the bank for all state agencies, contracting with private banks and financial service providers to deliver a variety of cash management services to those agencies.

Additionally, OST negotiates with our financial service provider to offer a variety of optional cash management services that agencies may choose to utilize.  Via our negotiations with our provider, we ensure that all public depository and other regulatory requirements for these services are met.  For these optional services, agencies may choose to contract with other vendors as long as their normal contracting process is followed and OST Third Party Vendor Policy (02.18.14.PO) requirements are met.

Treasury Management Services (TMS) is available to meet with agencies to provide a business review and cost benefit analysis to help determine the most cost effective banking solution.

Wire Transfer Services

OST offers wire transfer services which are same-day transfer of funds through the Federal Reserve’s Fedwire system. Wire transfers are typically used when money must be transferred immediately, large amounts are transferred and it is imperative to be able to confirm receipt, and when international payments are made. 


PRODUCTS 

Incoming Wires

Agencies may receive monies electronically through wire transfers into a Treasury account on a same-day basis. To insure that proper and timely credit for incoming wires is received, it is critical to notify the Banking Section using the Incoming Wire Notification Form C-10.

Outgoing Wires

All wire transfers are to be initiated through OST’s Banking Section.  Agencies have the ability to initiate both Domestic wire transfers, wires that are sent to a U.S. Financial Institution, or an International wire that is sent to a financial institution outside the United States.  An agency sending wire transfers to the same beneficiary account, and financial institution three or more times per year should establish a recurring wire transfer to reduce the costs associated with wires.

Wire Transfer – Recurring

Payment Setup for Recurring Payments (OST Cash Management Form C-11)

In order to send recurring wires, agencies are required to establish the wire information and have a recurring wire number assigned.  Recurring wires have consistent wire instructions where the only data elements that can change are the date and dollar amount.

Request for Wire Transfer - Recurring  (OST Cash Management Form C-12)

This form is used to send recurring wires once the payment template has been established.

Wire Transfer – Non-Recurring

Request for Wire Transfer - Non-Recurring (OST Cash Management Form C-13)

This form is used to send one time wire transfers.


REGULATORY

Timing & Dollar Limits 

  • Any wire transfer request received after 10:30 a.m. will be considered a request for the next business day.
  • To ensure adequate funds are available, Treasury requires:
    • 24-hour advance notice, from the 10:30 a.m. deadline, on all transfers between $1.5 million and $5 million.
    • 48-hour advance notice, from the 10:30 a.m. deadline, on all transfers in excess of $5 million.
  • Any non-recurring wire over $50,000 requires Treasury to confirm via telephone with an agency Authorized Releaser prior to sending the wire.

RESOURCES

OST Cash Management Forms


If you are interested in a wire transfer solution or have any questions about the above information, Contact
Brady Coy, Banking Operations Manager 
By sending an email to: Brady.Coy@ost.state.or.us