The Victor Platform currently offers three types of payments: ACH payments, wire transfers, and book transfers. Stay tuned as we add support for more payment types as we grow!

ACH Payments

The Automated Clearing House (ACH) is a payments network governed by the National Automated Clearing House Association (NACHA), which facilitates bank-to-bank transfers of electronic funds.

ACH is a high-volume, low cost, batch based network for electronically transferring funds. ACH supports a majority of the transactions for consumers, businesses, and governments. ACH supports two types of electronic transfer: the sending of money (credit) and the receipt of money (debit).

The timing around the settlement of ACH transactions varies depending on the financial institutions involved. Based on the financial institutions Victor currently supports, the following cutoff times apply to ACH payments:

Payment Type	Submission Deadline
Standard ACH	6:45PM EST
Same-Day ACH	4:00PM EST

As ACH is a batch process and processed according to a financial institution's processing schedule, the Victor Platform batches and transmits payment requests to the financial institution ahead of processing cutoff times. As a result, ACH payments progress through a specific flow that can be tracked with the following statuses:

Pending - ACH transfers are in a Pending state after the object is initially created, but have not yet been processed by the sponsor bank for origination.
On Hold - The transfer is On Hold when it is awaiting an operational task that has been configured in the system i.e., an OFAC screening.
Processing - Transfers are briefly in a Processing state when they are transmitted to the sponsor bank for origination.
Sent - ACH transfers are in a Sent state after being transmitted to the financial institution for submission to the Fed ACH network. A Sent status does not confirm that the transfer has been originated on the ACH network.
Failed - Transfers are failed due to an issue while being processed. ACH transfers that are returned by the receiving institution while in the Sent state will be transitioned to the Failed state.
Completed - Transfers are marked as Completed after the configured funds' availability (ACH return window) time frame has lapsed. Completed ACH transfers can still receive a return.

💡
A Note on Returns
Victor processes ACH returns daily. Returns received for transfers still in the Sent state will cause the original transfer to be marked as Failed. Returned transfers in the Completed state will remain in that state and a corresponding ACH Return transaction will be generated.

ACH Object Description

An ACH Object within the Victor Platform has the following fields:

Field	Type	Description
amount	number	Amount of the transfer to two decimal precisions (for example #####.##)
client_reference_id	String	Unique transaction identifier passed in by the client. Victor does not guarantee uniqueness of this identifier
counterparty_reference	String	ID of the Counterparty receiving the transfer. Counterparty object must contain ACH details
description	String	Optional 10 character description which appears on the receiver's statement
direction	String	Direction of the funds movement. Either CREDIT (outgoing to a counterparty) or DEBIT (incoming from counterparty)
originating_account_number	String	Account number of the account originating the transfer
schedule	String	Specifies whether this is to be sent same-day, next day, or a date in the future.
sec_code	String	Transfer type according to NACHA rules. Either CCD, PPD, or WEB
transfer_date	String	If the ACH is set to be sent for a day in the future, this field specifies the date when this ACH is to be sent.

Wire Transfers

Wires represent electronic funds transfers between two accounts at different financial institutions settled over the Fedwire system. Wire transfers are much faster than ACH transfers and can settle in a couple of hours, with the majority settling within 24 hours. Wires are, however, more expensive and cannot be reversed once settled.

Payment Type	Submission Deadline
Domestic Wire	6:00PM EST

Wire transfers created in Victor are transmitted to the bank for processing shortly after they are created. The status of a wire transfer can be tracked through the following states:

Pending - Wire transfers enter a Pending state when the object is initially created.
On Hold - The transfer is On Hold when it is awaiting an operational task such as a review or validation.
Processing - Transfers are briefly in a Processing state while they are transmitted to the sponsor bank for origination.
Sent - Wire transfers enter into a Sent state after being transmitted to the financial institution for processing.
Success - Wire transfers are marked as being in a 'Success' state after being processed by the originating bank.
Failed - Transfers are marked as Failed when an issue occurs while being processed.

Wire Object Description

A Wire Object within the Victor Platform has the following fields:

Field	Type	Description
from_account_number	String	Account number of the account originating the transfer. This account must have an available balance larger than the transfer amount.
amount	number	Amount of the transfer to two decimal precisions (for example #####.##)
counterparty_id	String	ID of the Counterparty receiving the transfer. Ensure that the wire section of the Counterparty object contains valid information.
originator_to_beneficiary_info	String	Optional 140 character string message

Book Transfers

Book transfers represent intra-financial transfers between two accounts. While book transfers are the fastest and cheapest type of transfer, they are restricted to accounts held at the same bank.

There are two types of book transfers supported by the Victor Platform: Book Internal and Book External.

Book External

Book External transactions indicate a transaction between two different accounts held by different clients at the same financial institution. It should be noted that for this transaction type, the originating account and the receiving account should belong to different clients. The request payload parameter book_type should be set as external.

The originator account should have a sufficient funds balance to support the transaction and, upon a successful transaction completion, the respective debit and credit entries are made to both the originator and receiver accounts.

Book Internal

Book Internal transactions indicate a transaction between two different accounts held by the same client at the same financial institution. It should be noted that for this transaction type, the originating account and the receiving account should belong to the same client. Additionally, in the requires payload, the parameter book_type should be set as internal.

The originating account should have a sufficient funds balance to support the transaction and, upon a successful transaction completion, the respective debit and credit entries are made to both the originating and receiving accounts.

Book Object Description

A Book Object within the Victor Platform has the following fields:

Field	Type	Description
originating_account_number	String	Account number of the account originating the transfer. This account must have an available balance larger than the transfer amount.
destination_account_number	String	Account number of the account receiving the transfer.
amount	number	Amount of the transfer to two decimal precisions (for example #####.##)
client_reference	String	Unique transaction identifier passed in by the client. Victor does not guarantee uniqueness of this identifier
description	String	Optional remarks field
type	String	Describes the type of book transfer. Allowable values are 'internal' or 'external'

ACH Payments

💡A Note on Returns

Wire Transfers

Book Transfers

💡
A Note on Returns