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

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:

  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.

Note
Currently, drawdown responses can only be processed via API.

  • The Wire Operations Team is available 9:00am EST to 6:00pm EST, Monday through Friday, except holidays.

  • Wire transfers are not processed on Federal Reserve holidays.

  • For holidays that fall on a Saturday, Federal Reserve banks and branches are open the preceding Friday.

  • For holidays that fall on a Sunday, Federal Reserve banks and branches are closed the following Monday.

The Wire Ops team places a telephone call to customers to confirm that a request for a wire transfer over 1,000,000 US dollars is authentic.

  • If the department is closed when the request arrives, the callback will be made the next business day.

  • As a courtesy for our clients in the Pacific time zone, our team refrains from performing callbacks until 12:00pm EST.

Wire requests and payments made after your cutoff time will only become effective on the next business day. Ask your relationship manager for more details.

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) between financial institutions

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.

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

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).

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.

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.

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

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

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