Wire Operations

Wire Operations Process

On a daily basis, your credit union will get either one domestic wire or one wire drawdown request sent from account #35155929 at Northern Trust (ABA #071000152) to the account held in Northern Trust's name at your institution. The wire or wire drawdown request will be sent at 2 PM ET and acceptance is required by 2:30 PM ET.

• Inbound Wires: Inbound wires to your credit union will not require any changes to existing wire processes.
• Outbound Wires: Outbound wires from your credit union will appear in the wire system pre-filled. Your wire department will only need to approve the request, which will initiate the wire. There is no need to fill out a new wire form or go through the typical process of generating an outbound wire. Additionally, please do not reverse any transactions unless a reversal is explicitly requested by ModernFi.

This account at your credit union should be set to automatically accept and process any wires or wire drawdown requests received from the account at Northern Trust. If auto-acceptance is not possible, the ModernFi Operations team will establish a format that works best for your team.

Notifications and Documentation

In addition to the wire requests, ModernFi will send an automated e-mail to the wire operations designated party, notifying them of the amount of the inbound wire or drawdown amount to serve as documentation. Further documentation will be available each day in the ModernFi Portal.

Small Dollar Testing

In preparation for future daily wire operations, ModernFi will send small dollar test wires. During small dollar testing, ModernFi will send one $6 wire on day 1 then one $6 wire drawdown on day 2. The wire and wire drawdown must be processed as soon as possible as this is a test to ensure the execution of the daily operations. Post small dollar testing, your institution will set up automatic acceptance processes for all wires and wire drawdown requests from the Northern Trust account.

For Institutions Using Corporate Credit Unions

If your credit union prefers to use an account held at a corporate credit union instead of the account held in Northern Trust’s name at your credit union, the ModernFi Operations team can work with the corporate credit union to provide context on your participation in the ModernFi deposit network. In addition, provided below is a template letter that is suggested to be sent by your institution to the corporate credit union to authorize the corporate credit union to process the wire and wire drawdowns with your account at the corporate credit union in an automated manner.