format_list_bulleted Topic Overview

Incoming Wire Transfers and ACH Payments

Wire transfers and Automated Clearing House (ACH) payments are two fast, convenient methods of electronic payment that can be used when individuals or organizations are paying Stanford for goods or services.

ACH payments are primarily an overnight process that go through the automated clearing house before settlement into the university’s bank account. If the funds are to arrive by ACH, instruct the paying party to request their bank use a CCD+ or CTX type ACH format as this allows for more remittance advice details to be included in the addenda field. Remittance advice information could include the name of the payer, purpose or other identifying details. See How to Request a Wire Transfer or ACH Payment.

Please note: The international SWIFT/BIC codes have changed as of July 2022. You must use the corresponding code, or the wire payment may be returned.

Wire transfers are a same-day form of payment. Depending on wire type and purpose, please provide the appropriate template to the paying party:

Payment Type Template
Payments to Stanford University's main account      General Template
Payment for a student at the university Students AR Template
Gifts or Affiliates payment to the university Gifts or Affiliates Template
Payments to the Office of Sponsored Research OSR Template
Payments to the Graduate School of Business GSB Template

 

Staff that assist in arranging wire transfer or ACH payments to the university are responsible for ensuring that the incoming payment is properly identified and booked to the correct PTA or PFOO. When expecting incoming funds, look for and claim those funds on the Unidentified Receipts portal. For more information, please refer to the Topic Overview: Claim Unidentified Receipts.

Accounts and Sub-Accounts: 

Separate bank accounts or sub-accounts may be used to separate a department's receipt activity. Separate accounts are most useful for electronic receipts such as wire transfers and ACH. Payments are sent to bank account numbers specific to each department. Cash received in these accounts flows through to Stanford's central bank account and is invested by the Office of the Treasurer (OOT). Departments can view a daily record of the activity in the account or sub-account by accessing the online bank reporting system. A minimum of 15 electronic receipts per month is required to justify opening a separate bank account or sub-account. Departments requesting bank accounts or sub-accounts are responsible for performing a monthly reconciliation.

If departments need to return ACH or wire receipts to the original sender, they should utilize the Expense Request System (ERS) to process a Non-PO Payment. 

Last Updated: Nov 21, 2022