How does Cross River process standard ACH vs. same-day ACH or later settlement?


Same-day ACH is processed in 2-3 hours while a standard ACH payment may take 1 to 3 business days before posting to the receiver's account. Activating a later settlement window option with Cross River enables users to extend the ACH processing window to 11:59pm EST.

When are NACHA's same-day ACH settlement windows?


NACHA’s settlement windows are a morning submission deadline at 10:30 AM ET, with settlement occurring at 1:00 PM, an afternoon submission deadline at 2:45 PM ET, with settlement occurring at 5:00 PM ET, and an evening submission deadline at 4:45 PM ET, with settlement at 6:00pm ET. Cross River’s cutoff times are 10 AM ET for the morning submission, 1 PM ET for the afternoon submission and 4 PM ET for the evening submission.

There are various reasons why an ACH payment might be returned by an RDFI (Receiving Depository Financial Institution). Some common explanations include insufficient funds (R01) and invalid account numbers (R04). Please reach out to your Partnership Manager to understand your specific case or take a look at your return code.

NOC stands for Notification of Change and is an indication of corrected information related to a previous outbound ACH payment.

How long does an IAT (International ACH Transaction) take?


Cross River can support with the domestic routing for IATs at this time. The IAT should settle on the settlement date unless the RDFI is holding the transactions for OFAC review purposes.

SEC codes are determined during the onboarding process and indicated within your executed agreement with Cross River. Please contact your Partnership Manager for additional information regarding permitted SEC codes.

If I originate an ACH payment and the receiver's account is within COS, will COS automatically convert my request into an internal transfer via XPay?


No, COS will treat this as an ACH payment which will be forwarded to the Fed. If you would like to initiate an XPay transfer via COS APIs, please contact your Partnership Manager.

Are OFAC scans performed on ACH payments?


COS scans all inbound and outbound IAT (International ACH) payments. Any OFAC holds resulting from the scanning process must be reviewed by Cross River's BSA/AML team.

Does COS support file-based ACH origination?


While COS can create a batch from either a standard NACHA file or JSON file we encourage the use of the APIs. Why use old file-based processes when you can move your payments technology forward? Files can be used in conjunction with APIs and webhooks. JSON/HTTPS is more reliable than FTP.

[1] Acceptance/rejection is based on standard technical/business validations, regulatory requirements, and specified internal controls.

[2] Subject to the time of origination and the recipient bank's funds-availability policy.

International payments

Account Funding Transaction.  Pull funds from a debit card for specific purposes. Use an AFT to fund a wallet or prepaid card, or to initiate a person-to-person (P2P) transfer through the card network rails. AFTs are not allowed for purchases.

A 32-character hexadecimal string with hyphens, such as 123e4567-e89b-12d3-a456-426655440000 used as a unique identified. Sometimes called a UUID.

GUID

Know Your Business processes verify legitimacy business entities and their ownership structures to prevent financial crime and comply with regulations. KYB requires information including company registrations and operational activities. See also KYC.

Know Your Customer processes verify the identity of an individual customer to prevent financial crime and comply with regulations. KYC uses personal details and identity documents for this verification.

A GUID assigned to you by Cross River. This ID is required for some API calls.

Partner_ID

The automated lending platform from Cross River that includes services such as Preapproval, Oversight, Arix Origination and Funding, Selling, and Hooks.

Lending

Information that can be used to distinguish or trace an individual’s identity, either alone or when combined with other information that is linked or linkable to a specific individual. Also known as PII.

Personally_Identifiable_Information

These are contracts for monetary assets that can be purchased, traded, created, modified, or settled for. In terms of contracts, there is a contractual obligation between involved parties during a financial instrument transaction.

financial_instrument

Interest Rate Cards are pre-configured interest rate profiles that can be assigned to specific accounts on demand.

rate_card

A financial institution holding a principal license with a Card Network has the right to issue cards itself and sponsor other institutions (fintechs) to issue on its behalf (BIN sponsorship). Affiliate/Associate members cannot offer BIN sponsorship.

Principal_member

A 6 or 8 digit number assigned by the card networks for card issuing and functions as the first 6 or 8 digits on the card itself. The BIN identifies the bank that is responsible for issuing the program and handling daily settlement with the Network.

Card_BIN

A solution that allows partners to offer card solutions without requiring a direct relationship with the card networks. The bank acts as an intermediary while allowing partners to use its bank identification numbers (BIN). 

BIN_sponsorship

Politically Exposed Person is an individual who holds a prominent public position, or has done so in the recent past and is subject to a higher level of scrutiny due to an increased risk of involvement in bribery, corruption, and money laundering.

Office of Foreign Assets Control. Part of the US Department of the Treasury that administers and enforces economic and trade sanctions based on US foreign policy and national security goals.

OFAC

Move funds internally between accounts. The transfer requires both a debit and credit account and can be either a master account or sub-ledger, or any combination of the two.  Can be made via API calls or for non-API Partners on the COS Explorer.

book_transfer

This is where the financial institution verifies the member has the funds needed before they are transferred to the receiver.

Good_Funds_Model

An instant payment service developed and operated by the Federal Reserve for financial institutions in the United States, which allows individuals and businesses to send and receive money.

FedNow

A payment processing network used to send money electronically between banks in the US. Available year round, it transfers funds between 2 banks account instantaneously. Processes on bank holidays and weekend and after business hours.

A merchant category code (MCC) is a four-digit number used for retail financial services to classify a business by the types of goods or services it provides. Codes are specified by the ISO 18245 standard.

Card Acceptor ID. An internal identifier assigned to your business by your Acquirer when creating the merchant account used for financial processing.

CAID

Business Application Identifier, used by merchants in card payments

The automated loan validation and funding software from Cross River

Arix

Mobile Deposit Capture is the process of submitting a check electronically using a smartphone

Input Message Accountability Data. A unique number given to each FedWire payment when using the Federal Reserver Bank Service and can be used to investigate and track wire transfers.

IMAD

Notification of Change.  The purpose of an NOC is to identify and communicate incorrect information within an ACH entry, such as account numbers or transit and routing number. Sent by a RDFI to the ODFI and the Originator via their ACH Operator.

A global financial messaging standard for electronic payments. It enhances interoperability across financial systems, improves payment processing efficiency and supports compliance by providing detailed transaction information.

ISO20022

A SWIFT Code is a standard format of Bank Identifier Code (BIC) used to specify a particular bank or branch. These codes are used when transferring money between banks, particularly for international wire transfers.

SWIFT

Receiving Depository Financial Institution. All ODFIs must also agree to act as an RDFI to receive ACH payments. An RDFI receives entries directly or indirectly from its ACH Operator for debit or credit to the accounts of its customers.

RDFI

Originating Depository Financial Institution. It has the authority to initiate ACH transactions on behalf of its customers. ODFIs ensure compliance with regulatory standards and securely transmit payment instructions to the ACH network

ODFI

 National Automated Clearing House Association. Nacha governs the ACH Network, the payment system that drives Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts

Nacha

International ACH Transaction. A Nacha SEC code.

A uniquely configured financial product you offer your customers. For example, a debit card or a savings account, configured according to your needs and specifications, are product types.

product_type

Bank Identification Number. A unique identifier used in payment card transactions.

COS_Explorer

relationshipmanager

Cross River guides provide details about our products

guide

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