The Arix funding engine allows you the flexibility to control how the loan is funded. You can enter instructions and control the rails, and the order in which to attempt to fund over those rails. You can also elect to fund different parts of the loan over different rails, and supply fallback options if rails fail.

After the loan is approved for funding, Arix initiates funding. The loan passes to the InFunding status and funds are sent using rails.

 call is ignored when the loan is InFunding.

 you can use. Depending on the rail type, funding results might be immediate or take up to a few days.

Based on how the funding progresses, the loan can be in one of these statuses:

1. After the loan is approved, funding starts automatically. Arix tries the 

2. When all the rails are successfully funded, the status of the loan changes to funded


3. After the loan has funded, the loan seasoning period begins, which typically occurs on business day 2 or 3 from the funding date.

If no amount is specified in the request, the funding engine attempts to fund the full loan amount.

If the loan doesn't fully fund from the first rail (priority 1), the engine looks for the priority 2 rail.
A priority 2 rail can be:

The funding engine continues to process rails until there are no rails left to process.

If after all the rails have been processed there is an outstanding loan balance, the loan status is then updated to 

, you can submit new funding information.

If the loan is fully funded prior to the last rail, any rails that weren't attempted are labeled 

In most cases the funding goes smoothly and the funds are fully received by the borrower. However, funding requests can fail immediately or succeed, and then be returned later. If a rail fails, is rejected, or returned, Arix reports a detailed error message as part of the railUpdate webhook and in the 

Arix records all the funding attempts and continuously updates the status as each rail is processed, funded, or failed. If the loan wasn't fully funded and is in the status, 

, you can submit new funding information an unlimited number of times. This is also the process for required multiple disbursements over a period of time for a single loan.

You should use the RailUpdated webhook to follow the funding process. 

Overview

Loan funding

Interest Rate Cards are pre-configured interest rate profiles that can be assigned to specific accounts on demand.

rate_card

A financial institution holding a principal license with a Card Network has the right to issue cards itself and sponsor other institutions (fintechs) to issue on its behalf (BIN sponsorship). Affiliate/Associate members cannot offer BIN sponsorship.

Principal_member

A 6 or 8 digit number assigned by the card networks for card issuing and functions as the first 6 or 8 digits on the card itself. The BIN identifies the bank that is responsible for issuing the program and handling daily settlement with the Network.

Card_BIN

A solution that allows partners to offer card solutions without requiring a direct relationship with the card networks. The bank acts as an intermediary while allowing partners to use its bank identification numbers (BIN). 

BIN_sponsorship

Politically Exposed Person is an individual who holds a prominent public position, or has done so in the recent past and is subject to a higher level of scrutiny due to an increased risk of involvement in bribery, corruption, and money laundering.

Office of Foreign Assets Control. Part of the US Department of the Treasury that administers and enforces economic and trade sanctions based on US foreign policy and national security goals.

OFAC

Move funds internally between accounts. The transfer requires both a debit and credit account and can be either a master account or sub-ledger, or any combination of the two.  Can be made via API calls or for non-API Partners on the COS Explorer.

book_transfer

This is where the financial institution verifies the member has the funds needed before they are transferred to the receiver.

Good_Funds_Model

An instant payment service developed and operated by the Federal Reserve for financial institutions in the United States, which allows individuals and businesses to send and receive money.

FedNow

A payment processing network used to send money electronically between banks in the US. Available year round, it transfers funds between 2 banks account instantaneously. Processes on bank holidays and weekend and after business hours.

A merchant category code (MCC) is a four-digit number used for retail financial services to classify a business by the types of goods or services it provides. Codes are specified by the ISO 18245 standard.

Card Acceptor ID. An internal identifier assigned to your business by your Acquirer when creating the merchant account used for financial processing.

CAID

Business Application Identifier, used by merchants in card payments

The automated loan validation and funding software from Cross River

Arix

Mobile Deposit Capture is the process of submitting a check electronically using a smartphone

Input Message Accountability Data. A unique number given to each FedWire payment when using the Federal Reserver Bank Service and can be used to investigate and track wire transfers.

IMAD

Notification of Change.  The purpose of an NOC is to identify and communicate incorrect information within an ACH entry, such as account numbers or transit and routing number. Sent by a RDFI to the ODFI and the Originator via their ACH Operator.

A global financial messaging standard for electronic payments. It enhances interoperability across financial systems, improves payment processing efficiency and supports compliance by providing detailed transaction information.

ISO20022

A SWIFT Code is a standard format of Bank Identifier Code (BIC) used to specify a particular bank or branch. These codes are used when transferring money between banks, particularly for international wire transfers.

SWIFT

Receiving Depository Financial Institution. All ODFIs must also agree to act as an RDFI to receive ACH payments. An RDFI receives entries directly or indirectly from its ACH Operator for debit or credit to the accounts of its customers.

RDFI

Originating Depository Financial Institution. It has the authority to initiate ACH transactions on behalf of its customers. ODFIs ensure compliance with regulatory standards and securely transmit payment instructions to the ACH network

ODFI

 National Automated Clearing House Association. Nacha governs the ACH Network, the payment system that drives Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts

Nacha

International ACH Transaction. A Nacha SEC code.

A uniquely configured financial product you offer your customers. For example, a debit card or a savings account, configured according to your needs and specifications, are product types.

product_type

Bank Identification Number. A unique identifier used in payment card transactions.

COS_Explorer

relationshipmanager

Cross River guides provide details about our products

guide

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