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
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Send funds to the title company when closing on your house.
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Send money to family or friends in a time of need.
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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.
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Reversal
A reversal of a previously sent wire transfer.
Transferring funds and requesting a transfer of funds
To send a wire transfer outbound:
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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.
Currently, drawdownresponses can only be processed via API.

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The Wire Operations Team is available 9:00am EST to 6:00pm EST, Monday through Friday, except holidays.
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Wire transfers are not processed on Federal Reserve holidays.
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For holidays that fall on a Saturday, Federal Reserve banks and branches are open the preceding Friday.
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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.
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If the department is closed when the request arrives, the callback will be made the next business day.
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As a courtesy for our clients in the Pacific time zone, our team refrains from performing callbacks until 12:00pm EST.
Business reference information

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 |

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 |
---|---|
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 |

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. |

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 |