Digital lending

Payment rails

4min

A payment rail is the method by which Arix transfers funds. Arix uses these rails:

IMPORTANT To track rails, use the RailId you receive back after the API call. Funding is an automated process. It is your responsibility to review your records before you create any loans or requests for funding.

RailTransaction attributes

These properties are returned for rail transactions.

Every rail includes a GUID, which is a unique identifier for the rail which you can use to match the rail request to the rail response.

Attribute

Description

RailId

GUID

Unique identifier for a rail

LoanId

string

Unique identifier for a loan

RailType

RailType or null

Type of rail for payment

Select the RailType Enum:

Priority

integer or null

Order the rails should be processed - starts with number 1.

If all the rails have the same number, Arix processes them in the order they were received.

Amount

decimal

Amount attempted to process on this rail. If left blank, Arix attempts to process the full balance.

MPLId

string

ID of the MPL

IssuingBankId

string

ID of the issuing bank

IsFailed

boolean

Indicates if the loan transmission failed.

True or false.

LoanType

string

Type of loan

AmountFunded

decimal

Dollar amount funded

RailTransactionId

string

Unique identifier for a rail transaction



FundResultRailResultType

Result of the funding. See Enums.

Message

string

Message returned

ProcessedAt

DateTime

Date the rail was processed

TransactionGroupId

GUID

Unique identifier of the transaction group

Rail cutoff times

The bank reserves 1.5 - 2 hours for pre-processing of funding before the network cutoff times below. Only loans that completed all underwriting checks are funded. Loans that miss a cutoff will auto-roll to the next processing window.

Rail type

Cutoff times

ACH

Cutoff is 16:00 EST. The Fed accepts submissions until 18:00 EST.

ACH SD (Same Day)

Limited to $1,000,000 per transaction

Cutoff is 13:00 EST. The Fed accepts submissions until 14:45 EST.

Extended Same Day cut off is 14:30 EST. The Fed accepts submissions until 16:45 EST.

Cards

24/7 (no cutoff times)

Checks

Cutoff is 15:00 EST

Mastercard RPPS

Support for 3 MC RPPS processing cycles:

03:00 EST – 05:00 EST

13:00 EST – 15:00 EST

21:00 EST – 23:00 EST

To have a transaction included in a processing cycle, it has to be submitted no later than 50 minutes before the cutoff. Any transactions submitted later than 50 minutes before the cutoff time, will flow to the next cycle.

XPay

24/7 (no cutoff times)

RTP (Real Time Payment)

Limited to $1,000,000 per transaction

24/7 (no cutoff times)

Wires

Cutoff is 17:00 EST. Wires are released to the Fed once an hour. The last release is at the cutoff time.

ACH return cutoff times

ACH returns are received in batches, with the following cutoff times:

ACH returns

1. First Batch: 12:00 AM EST

2. Second Batch: 3:00 AM EST

3. Third Batch: 11:30 AM EST

4. Fourth Batch: 3:30 PM EST

5. Fifth Batch: 4:30 PM EST



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Updated 07 Oct 2024
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