24/7 internal settlement

24/7 Internal Settlement is Cross River's new payment type, which allows customers to settle with each other on our network, 24/7/365. Transactions are processed quickly, within about 15-30 minutes.

To use this payment type, both the originator and the receiver must hold a deposit account with Cross River. This requires a configuration on the product by a Cross River employee, so please reach out to your Relationship Manager if you are unclear if this is enabled on your account.

This transaction type leverages ACH payment formatting, but Cross River will not send these transactions out to an ACH Operator. Functionally, these transactions are secure account to account transfers, if they are between two parties on our network.

Standard ACH transaction fees apply to 24/7 Internal Settlement transactions. Refer to your Customer Agreement to see the fee schedule that applies.

To make this payment type, the payment originator and recipient will need a Settlement Account at Cross River. Here are the steps to submit a 24/7 Internal Settlement transaction.



Navigate to the Pay and Transfer tab and click on Send Payments.



Click on New Payment and then ACH Payment.



The SEC Code should be defaulted to CCD - Cash Concentration and Disbursement. You will have to select a From Subsidiary, if your company has accounts set up with multiple subsidiaries. Next you will select which specific Account you would like the payment to be sent from.



For Effective Date, you need to select the current date on the calendar pop-up. DO NOT plan this payment type for a future date, as this will always process within 15 - 30 minutes of the transaction submission.



When you select the current date in the Effective Date field, the following disclosure displays. You should read the disclosure to ensure your understanding, and need to click Agree in order to continue with this payment type.



In the Recipients/Account field, you need to add the details of the recipient party where you want to send the payment. This field will store any recipient parties you have previously added, and is searchable.

To add a new or first time recipient see Manage Recipients.



Enter the transaction dollar amount in the Amount field.

For this transaction type the payment can be greater than $1M, since the transaction will never leave Cross River. Same Day ACH payments for over $1M, made to recipient accounts outside of Cross River, will fail.



Finally, if your company has enabled Dual Action, you may only be allowed to Draft the transaction. The ability to Draft or Approve transactions is determined by the User Roles that your account admin has set up.