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. 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 Pending state when the object is initially created.
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

Error Handling - Fiserv

When creating an outbound Wire, should it fail with a 500 error, Victor will directly return the core banking provider error to you.

Below is a list of the common errors we have observed and our suggested corrective action.

Error	Description	Corrective Action
General Data Error	Transaction was rejected by Fiserv. This is usually due to a field validation error (unallowed characters or unallowed number of characters in a field).	Contact Victor support.
error.invalid.wire.routing.number	Routing number contained within Wire Counterparty object is invalid. In some cases, the routing number may be valid, but it is for a settlement-only bank (i.e., they cannot receive wires).	Correct routing number within Wire Counterparty object and create new transaction.

Wire Returns

You may return an unwanted inbound wire by utilizing the return wire payment endpoint.
To return a wire you must provide the Victor transaction ID of the inbound wire you wish to return as well as the following information from the original wire:

An existing Victor counterparty reference which contains the following information:
o Beneficiary Account Number
o Beneficiary Name
o Beneficiary Address
o Receiving Bank ABA Routing Number

This required information on the receiving wire can be provided either as an existing counterparty or as individual fields on the wire return request.

Note

The Receiving Bank ABA Routing Number, whether contained within a counterparty or passed in individually, must match the ABA Routing Number from the original wire. If these do not match, the wire return will result in a transaction failure.
The Beneficiary Account Number information is typically provided on an inbound wire and included in the inbound wire webhook payload (see documentation). However, it is not always present if the sending Financial Institution decides to strip it out before sending the wire. If the details are missing, either the sending bank has not provided it or the core banking provider has not provided it with the transaction. In this scenario, the wire can attempt to be sent, but there is no guarantee that the receiving Financial Institution will honor the return request. If the receiving Financial Institution rejects the wire return, then you must reach out to the customer to collect this information and attempt the wire return again with the full set of data.