Send a Wire
What you will learn
✅ How to send a wire in COS Explorer
You can also use the Wire transfer endpoint to perform this task via API.
Learn about Wires.
Before you begin
Make sure you have:
- Originator details:
- Originator account number
- Receiver details:
- Receiving bank routing number
- Beneficiary Identifier, which can be a personal bank account number, a driver's license number, or some other unique identifier
- Payment amount in US dollars
Process overview
To send a wire in COS Explorer, enter the originating bank account number and the required information for the account receiving the wire.
To send a Wire payment
A red * indicates a required field.
Go to Originate Wire under Wires.
Enter the Business Function Code.
The business function code erves as an identifier that indicates the nature and intent of the wire transfer transaction within the banking system.
- CTR (Customer Wire Transfer): The recommended standard code for most wire transfers initiated by customers.
- DRC: The designated code to use specifically for drawdown requests.
Enter the Cross River bank account number for the originator.
Enter the receiver details:
Required Field | Description |
|---|---|
Routing number | Routing number of the receiver's bank. For example, Chase's routing number is 021000021. |
Purpose | Explain in 50 characters or less what the wire is for |
Amount | The US dollar amount of the transaction |
Enter the Beneficiary Identifier.
The beneficiary identifier comprises:
- A Business Function Code: This is an identifier used in banking transactions, particularly in wire transfers and electronic funds transfers, to specify the type of identifier being provided in the transaction. For example, if you provide an account number, the business function code is D.
- The identifier number
Enter the Beneficiary Name.
The beneficiary financial institution (FI) fields are optional. Use the Intermediary FI fields if indicated in a financial institution’s wiring instructions.
Click Originate Wire to process the Wire transfer.
A new screen with the text Success! Wire Created opens.
Click View Wires to see Wire Details.