Payments
Wires
Send and receive
5 min
outbound when a customer uses send a wire transfer api, money is wired to an account at an external bank when a wire payment is accepted and acknowledged by the federal reserve, an {{imad}} (imad) is assigned to the payment and returned in the api this can be used to track the payment via the fedwire funds transfer system when you initiate an outbound payment, the following steps occur once the transaction is successfully posted and ofac clearance is obtained, the payment status will change to ‘pending’ the next step is to add your payment to a distribution or outbound batch distributions are created throughout the day and sent to the federal reserve for processing once the distribution is released and acknowledged by the federal reserve, the wire payment sent event will be triggered, and the payment status will update to ‘completed’, marking the end of the payment lifecycle see our tutorial to learn how to send a wire payment the following diagram shows the status and webhook events flows for outbound wire transfers inbound when a customer receives an incoming wire, an external bank wires money to a cross river account you will receive a webhook events to indicate that a wire has been received when an inbound wire payment is received, the system will attempt to post a transaction to the account specified in the beneficiary identifier field within the payment details if the transaction fails to post, the payment will be returned to the originating bank however, once it is successfully posted, the wire payment received event will be triggered there are various ways a wire can be originated due to the numerous fields available in the payment message consequently, the details within the wire payment received event payload may differ the following diagram shows the status and webhook events flows for inbound wire transfers