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 U.S. 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. 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

Outbound

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

Inbound

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:

Initiate the wire transfer.
If the wire is above 1,000,000 US dollars, the Wires Operations Team contacts your customer by phone to verify the payment.
Once verified, the wire transfer is sent.

Note
Currently, drawdownresponses 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.

Code	Description
`CTR`	Customer transfer
`SVC`	Service message (non-value)

ID Codes

Code	Description
B	SWIFT Bank Identifier Code (BIC)
C	CHIPS Participant
D	Demand Deposit Account (DDA) Number
F	Fed Routing Number
T	SWIFT BIC or Bank Entity Identifier (BEI) and account number
U	CHIPS Identifier
1	Passport Number
2	Tax Identification Number
3	Driver’s License Number
4	Alien Registration Number
5	Corporate Identification
9	Other Identification

Type Codes

Code	Description
10	Fund transfer A transfer of funds in which the sender and/or receiver may be a bank or a third party, such as a bank customer.
15	Foreign transfer A transfer of funds to or from a foreign central bank or government or international organization with an account at the Federal Reserve Bank of New York.
16	Settlement transfer A transfer of funds between Fedwire Funds Service participants.

Code

Description

Fund transfer

A transfer of funds in which the sender and/or receiver may be a bank or a third party, such as a bank customer.

Foreign transfer

A transfer of funds to or from a foreign central bank or government or international organization with an account at the Federal Reserve Bank of New York.

Settlement transfer

A transfer of funds between Fedwire Funds Service participants.

Sub Type Codes

Code	Description
00	Basic funds transfer
01	Request for Reversal
02	Reversal of Transfer
07	Request for Reversal of a Prior Day Transfer
08	Reversal of a Prior Day Transfer
31	Request for Credit (Drawdown)
32	Funds Transfer Honoring a Request for Credit (Drawdown)
33	Refusal to Honor a Request for Credit (Drawdown)
90	Service Message

Payment statuses

Status	Description
Created	CR received the payment, but hasn't yet started processing it. In most cases, this status appears only briefly.
Pending	The payment is waiting to be batched and sent to the Federal Reserve.
Hold	Payment is being held and reviewed by our Ops Team, often as a result of awaiting a response from an OFAC scan. When a hold is placed, funds are removed from the available balance in the account. A hold ensures that any subsequent payment won't cause this payment to fail.
Batched	The payment was batched and is in final review by our Operations Team before we send it in a file to the Federal Reserve.
Processing	For inbound payments, we are posting it to the receiving account. For outbound payments, the payment was sent to the Federal Reserve, but hasn't yet been accepted by them.
Completed	The outbound payment was posted and accepted by the Federal Reserve. This is a final status.
Canceled	An outbound payment was canceled at partner request. A payment can only be canceled while in the pending or hold statuses. A payment can be canceled after it's pending, only if it hasn't been executed. This is a final status.
Rejected	Our Operations Team wasn't able to process the payment and rejected it. In the case of an inbound payment, the payment was returned to the originating bank. This is a final status.
Reversal	In some cases, a payment can be reversed after it was executed.

Error Codes

Code	Description
1000	General exception
1001	Config required
2000	General exception
2001	Payment not found
2002	Invalid payment status
2003	Direction not inbound
2004	Direction not outbound
2005	Posting account cannot be changed as posting completed
2006	Acknowledgment required
2007	Originator account not found
2008	Origination not enabled for account
2009	Custom originator data not allowed for account
2010	Origination not allowed from a restricted account
2011	Receiver routing number not found
2012	Source wire not found
2013	Source wire message unavailable
2014	Service messages can't be reversed
2015	Payment type can't be reversed
2016	Payment must be completed before it can be reversed
2017	Only inbound payments can be reversed
2018	Invalid source business function code
2019	Payment must be completed before it can be responded to
2020	Only inbound payments can be responded to
2021	Original wire not found
2022	Beneficiary account not found
2023	Account not found
2024	Posting already completed
2025	Posting must be failed to attempt a retry
2200	Invalid submission status
2201	Submission must be pending
2202	Submission must be processing
2203	Submission must be created
2300	Distribution must be pending
2301	Distribution must be verified
2302	Distribution must be released
2303	Distribution must be generating
2304	Distribution must not be released
2305	Distribution already canceled
2306	No payments to distribute
2307	Distribution currently generating
2308	Distribution must be transmitted
2309	Distribution must be transmitted but not acknowledged
2400	Hold is not active
2401	Scan already pending
2500	No scan lists are configured for account
2501	Payment type must be a transfer
2502	Payment must be on hold to request a rescan
2550	Invalid posting record status
2600	This action requires Dual Control
2601	Accounts must be unique
2602	Inbound Suspense Account not found
2603	Outbound Suspense Account not found
2604	Operator Account not found
2605	Unposted Account not found
2606	Change not approved
2607	Change not approved
2608	Global profile not found or is invalid
3000	General exception
3001	Origination payment amount exceeds user permissions
3004	User not authorized to reject inbound wires
3005	Distribution max wire amount exceeds user permissions