How Do I Pay Payouts by Wire?

Investors whose payout method is Wire are paid from your own bank. Syndelo prepares the batch, a second person approves it, and you export the instructions for your bank. Syndelo never sends the wire itself.

Prepare a Wire Batch

1. Approve the payout first. See How Do I Run a Distribution?
2. On Payouts, open the approved payout and go to Payments.
3. Open the Wire tab. Each row shows the account's Gross, Adjustments (tax held back, other deductions and reinvested amounts) and Net Payment.
4. Tick the wires to send. The total of what you picked stays at the bottom of the window.
5. Click Prepare Wire Batch, enter the Payment Description and the Send Date, then click Prepare Wire Batch again.

The payment description shows on each investor's bank statement with the wire (the originator-to-beneficiary information, up to 140 characters). Payouts in a batch are reserved, so they can't also be paid by ACH, a NACHA file or a manual settlement.

Approve the Batch

A different team member with Finance Approver permission clicks Approve Wire Batch and confirms with their password and a code. Your approval rules for Approve Sending a Payout (ACH, Wire or Check) apply, including amount thresholds and how many approvers you need. If no one else in your workspace can approve, you can approve it yourself after the same checks.

If an investor changes their payout method or wire details after the batch is prepared, approval stops. Cancel the batch and prepare a new one.

Export for Your Bank

Click Export for Bank and choose:

• CSV for Your Bank's Bulk Wire Upload: one row per wire, in the layout below.
• Printable Instruction Sheet (PDF): each beneficiary's details, with space to write the date and Fed reference.

Only finance approvers can export, from their own browser, after confirming their identity. The files contain full account numbers, so delete them once the wires go out. Bank numbers are never written to the activity log.

CSV Layout

Columns, in order: Batch, Process Date (YYYY-MM-DD), Line, Amount (dollars and cents, no symbols), Currency (USD), Beneficiary Name, Beneficiary Address, Beneficiary Account Number, Beneficiary Account Type, Receiving Bank Name, Receiving Bank ABA, For Further Credit, Originator to Beneficiary Information, Reference (ties the wire back to the payout in Syndelo), Investing Account, Investment. Most banks' bulk wire templates can map these column by column.

Record Each Wire

1. Once your bank sends the wires, click Record Wires Sent, enter the date and each wire's Fed Reference (IMAD) from your bank's confirmation.
2. When the wires show at the bank, a finance approver clicks Record Wires Confirmed. It can't be the person who prepared the payout or the batch.

Nothing posts to the books while a wire is in flight. Confirming it records the payout as paid, the same way a NACHA file or manual payout settles: cash, tax held back and any reinvestment post once, and the payout notice can go out.

When a Wire Comes Back

Click Record a Return, pick the wire, and enter the date and the bank's reason.

• A wire returned before you confirmed it goes back to owed with nothing posted.
• A wire returned after you confirmed it puts the cash back in the books and records the amount as owed again, just like an ACH return. The payout itself stands. Pay it again in a new batch, and confirming that wire clears what's owed.

Wires usually arrive the same business day your bank sends them, if they go out before your bank's wire cut-off.