Wire Transfers

Wire transfers are a domestic and international payment method. A Cross River customer can transfer money electronically to a recipient, and a recipient can access the money, typically the same day.

Wire transfers are made through Fedwire® , operated by the US Federal Reserve. When a wire payment is accepted and acknowledged by the Federal Reserve, an Input Messaging Accountability Data (IMAD) is assigned to the payment. This can be used to track the payment via the FedWire Funds Transfer system.

Both inbound and outbound international wire transfers in CR go through a domestic intermediary bank via Fedwire. In addition, to send or receive international wires in USD, you must contact the beneficiary bank to obtain the appropriate wire transfer instructions.

Use cases

  • Send funds to the title company when closing on your house.

  • Send money to family or friends in a time of need.

  • B2B commercial payments.

Payment flow


When a customer sends an outbound wire, money is wired to an account at an external bank.


When a customer receives an incoming wire, an external bank wires money to a CR account.

Fund availability

Funds from inbound and outbound transfers are available the moment they hit the recipient account if the transfer hasn't missed the cut-off time. Incoming wires received prior to 3:00pm EST are processed the same business day.

Wire transactions are final once the funds are received.

Payment types

  • Transfer

    A new payment originating from either Cross River or another bank.

    • Domestic

      Only US-domiciled banks are involved in the transfer.

    • International

      An intermediary US-domiciled FI sends to or receives the funds from the Fed.

  • Drawdown response

    Funds sent to the wire originator from the recipient of the drawdown request (currently available only through API).

  • ServiceMessage

    A non-value message sent from one bank to another for informational purposes only.

  • Reversal

    A reversal of a previously sent wire transfer.

Transferring funds and requesting a transfer of funds

To send a wire transfer outbound:

  1. Initiate the wire transfer.

  2. If the wire is above 1,000,000 US dollars, the Wires Operations Team contacts your customer by phone to verify the payment.

  3. Once verified, the wire transfer is sent.

Currently, drawdown responses can only be processed via API.

Business reference information

Business function codes

Wire payments can be used to send funds or non-value messages to other financial institutions. The type of message is defined by the businessFunctionCode.

ID codes

In Wires calls, the idCode field in originator, beneficiary and various financial institution objects, specifies the type of value in the identifier field that follows it.

Type codes

The type code value provides information about the type of wire transfer sent. This value appears in the typeCode field in the response to wires payment calls, and is combined with a subtype code (see the subtype code table below).

Subtype codes

A subtype code value combines with the type code value in the typeCode field of Wires payment responses to provide details about the transfer.

Payment statuses

See the payment status in the status field of Wires payment responses.

Error Codes