A wire transfer refers to the electronic transfer of funds from one financial institution to another, and is a method of sending money quickly and securely where the sender provides instructions to their bank or financial institution to transfer a specific amount to another account.
An X9 file contains check images and related metadata, including the code line and courtesy amount. Also referred to as “Image Cash Letters,” X9 files are used by financial institutions during Day 1 processing to initiate settlement with exchanging authorities and direct exchange parties. X9 files also support financial institutions’ Day 2 processing workflows.