Payment authorization

important disclaimer this is a new process being provided as a service to customers of cross river (cr) this process was created so that you can authorize wires online yourself instead of receiving a callback from cross river as such, you may use this online wire authorization method instead of receiving a callback from cross river, as long as your wire meets certain conditions mentioned below by opting to use this online authorization method instead of receiving a callback, you understand that you now have more control of the timeliness of processing wires, but that the process does have additional risks you are now authorizing these wires yourself, and cross river will no longer verify the wire details with you before processing it once wires have been authorized by you, funds are directly released there is no recourse once funds are released you are responsible for safekeeping credentials used by you, and your company to initiate, and authorize wires setting up approvers in the system in advance to ensure you have enough approvers to provide dual authorization on wires see our video demo verification and authorization to protect you and your customers , cross river may require you to verify the details of your wire before it can be processed traditionally, we only obtained this verification using a callback, where we would call you or another member of your team to verify details of the wire authorization is a feature that you can use instead of a callback to verify the details of your wire using cos explorer it is a hold type in explorer, designed to be cleared by you without needing someone from cross river to clear the hold read more about holds payments cannot be authorized using an api they can only be authorized using cos explorer or by callback some important details about authorization authorization can be configured at the product level or overridden at the account level cross river only allows authorization as an alternative to callbacks for wires up to a certain amount if we require a callback, your wire will be placed in a phone confirmation hold this is how the current process works for authorization to be used instead of a callback, cross river requires dual authorization, meaning 2 different people must approve the wire for the hold to clear in explorer in addition, the originator of the wire cannot be one of those 2 approvers so you may need up to 3 different people in total you can still use authorization as your own "maker checker" workflow even when cross river doesn't require any verification (callback or authorization) to process your wire (which would only apply if the wire is less than a certain amount) in this case, you are free to customize thresholds in the system up to a certain amount so that you can require either single or dual authorization in addition to the amount, depending on the source of your wire (whether originated through your own application via an api call to cos or through explorer directly), cross river may still need to place a callback to you before your wire can be processed cross river will never require you to authorize your wires using both authorization methods (both callback and via cos explorer) however, if you'd like to authorize your wire using both authorization methods, that is up to you payments over a certain amount have to be authorized, depending on the how the payment is payment types cos explorer a uthorization is a feature that you can use instead of a manual callback by the wire ops team see cos explorer tutorial for authorization docid\ tngin7qqxuxvuvywmysub to understand how to do partner wire approval role authorize a wire callbacks under payment types , the wire ops team calls the wire initiator to confirm a request for a wire transfer 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 authorize outbound transfers authorizations (approvals) are only done through authorization for outbound wire transfers originated using the wire transfer api you can define either 1 or 2 approvers in the system in advance you can define 2 thresholds for approvals the lower threshold would require 1 approver, and the higher would require 2 in any case, wires above 1,000,000 usd always require two approvers you can configure the minimum thresholds that require authorization use this feature to avoid callbacks from the wire ops team (for wire transfers above 1,000,000 usd but below 5,000,000 usd) it is a hold type in explorer, designed to be cleared by you without needing someone from cross river to clear the holds