Instant payments parameters
IMPORTANT The RTP rail in Cross River is now called Instant Payments.
In Arix, the RailType Enum is still called RTP. Instant Payments uses one of the 2 network platforms to send a payment directly to the account of a borrower, vendor, or creditor.
Instant Payments is a way for MPLs to send immediate fund transfers at any time of the day, including weekends and holidays.
Cross River uses two different Instant Payments network platforms: RTP via The Clearing House (TCH), and the Federal Reserve's FedNow platform.
- RTP® via The Clearing House. The Clearing House (TCH) provides Instant Payments using its RTP® system. All federally insured US depository institutions that participate in the RTP network can send payments from and receive payments to their accounts 24/7.
- FedNow®. The Federal Reserve's instant payment infrastructure allows financial institutions of every size across the U.S. to provide safe and efficient 24/7 instant payment services.
Arix uses network interoperability to deliver the payment to the creditor as efficiently and effectively as possible. The network used for sending the payment depends on the routing number specified, and on availability. The payment response includes the network platform the payment has been processed through.
All transactions occur in real-time and the payments are irrevocable.
Although more than 65% of U.S. bank account holders are eligible to receive RTP funds disbursements, some are not. In order to avoid unnecessary charges, we recommend that our partners use the @CRB RTP directory API to see which financial institutions can receive RTP credit transfers (CRDT). It's important to note, that even if the financial institution can receive RTP transfers, it does not guarantee that the receiver's account is eligible.
Credentials for Directory
To use the RTP directory, you will need credentials for COS. These are separate credentials from the Arix API credentials. Contact your Relationship Manager if you need more information.
Attribute | Description |
|---|---|
SubjectRouting string | Receiving bank's routing number The value entered for this field is validated up front and it must be 9 digits long Required
|
SubjectName string | Name on the SubjectAccount Limited to 22 characters Required
|
SubjectAccount string | Account number of the SubjectAccount Limited to 17 digits Required
|
AdditionalDescription | A description of the payment Limited to 140 characters Optional |
Although RTP participating banks have an SLA of 99.9% uptime, from time to time, a receiving bank will be unavailable to transact. This can be due to routine maintenance or unknown technical issues that are resolvable with time.
CR will queue the payment until the receiving bank becomes responsive or for up to 3 days. The RTP rail will be rejected if the payment hasn't been completed within 3 days.
If you'd like to cancel the rail before that, our operations team can cancel the payment for you.
You can simulate receiving a reject response on the RTP rail.
Add the reject:prefix to the SubjectName as seen on line 11.
