The user can schedule, modify, and cancel them. They can recur at regular intervals. Wire Funds Transfers OFX enables clients to set up wire funds transfers. Wire funds transfers are similar to other types of funds transfers. Clients designate a source account that the FI can authenticate and a destination account at the same or a different institution.
Clients also designate an amount and an optional date.
The FI must know the originator of the transfer. The beneficiary of the transfer might be an established customer at the same institution. OFX implements wire funds transfers using the FedWire system, and is subject to its rules and regulations. Data Synchronization for Banking Banking customers must be able to obtain the current status of transactions previously sent to the server for processing. For example, once a client schedules a transfer and the transfer date has passed, the customer might wish to verify that the server made the transfer as directed.