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. The cutoff time for Victor wires can be bound here: Cutoff Times
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
Pendingstate when the object is initially created.
Processing- Transfers are briefly in a
Processingstate while they are transmitted to the sponsor bank for origination.
Sent- Wire transfers enter into a
Sentstate 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
Failedwhen an issue occurs while being processed.
Wire Object Description
A Wire Object within the Victor Platform has the following fields:
|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|
Updated about 1 month ago