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All You Need to Know about Wire Federal Reference Numbers
Title & escrow professionals are entrusted with ensuring the accurate and secure transfer of funds.
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In high-stakes real estate transactions, Federal Reference Numbers are the backbone of transaction verification and security.
A Federal Wire Reference Number, commonly known as a Fed Reference Number or IMAD/OMAD number, is a unique identifier assigned to each wire transfer processed through the Federal Reserve&#;s Fedwire system.
This number helps track and verify wire transfers, ensuring that funds are transferred accurately and securely.
How is a Wire Fed Reference Number generated?
A Federal Reference Number is created during the initiation of a wire transfer.
Here’s a detailed breakdown of the process:
- Initiation: The sender provides essential details to their bank, including the recipient’s bank account number, routing number, and the amount to be transferred.
Additional information may include the purpo