Wire

Wire transfers enable the electronic movement of funds between financial institutions, facilitating both domestic and international payments. They are essential for large transactions requiring prompt settlement. Kredete's API provides a streamlined interface to initiate, monitor, and manage wire transfers, ensuring secure and efficient fund transfers for your business needs.

Wire Transfer Object

The wire transfer object encapsulates all pertinent details of a wire transaction, whether initiated (outgoing) or received (incoming). This comprehensive structure ensures you have access to all necessary information for processing and tracking wire transfers.

{
  "id": "wire_xyz123",
  "created_at": "ISO-8601",
  "updated_at": "ISO-8601",
  "direction": "incoming", // or "outgoing"
  "status": "created", // or "scheduled", "processing", "posted", "under_review", "rejected", "cancel_pending", "canceled"
  "amount": 200000, // in cents
  "currency_code": "USD",
  "account_id": "account_xyz123",
  "account_number_id": "account_number_xyz123",
  "counterparty_financial_institution": {
    "routing_number": "021000021",
    "name": "JPMORGAN CHASE"
  },
  "originator": {
    "name": "John Doe",
    "address": ["123 Main St", "Cityville", "State", "12345"],
    "identifier_type": "account_number",
    "identifier_value_last_four": "6789"
  },
  "beneficiary": {
    "name": "Jane Smith",
    "address": ["456 Elm St", "Townsville", "State", "67890"],
    "identifier_type": "account_number",
    "identifier_value": "9876543210"
  },
  "message_to_beneficiary": "Invoice Payment",
  "imad": "IMAD123456789",
  "additional_network_data": {
    "previous_message_identifier": "PMID123456",
    "sender_reference": "SR123456",
    "beneficiary_reference": "BR123456",
    "payment_notification": "Payment sent",
    "message_to_receiving_fi": "For further credit to...",
    "fi_to_fi_message": "Additional instructions"
  },
  "was_returned": false,
  "related_wires": {
    "previous_wire_id": "wire_xyz321",
    "return_wire_ids": ["wire_xyz456"]
  },
  "rejection": {
    "reason": "account_closed",
    "imad": "IMAD987654321"
  },
  "transfer_purpose": "Business Payment",
  "metadata": {}
}

Attributes

• id: Unique identifier for the wire transfer.
• created_at: Timestamp when the wire transfer was created.
• updated_at: Timestamp of the last update to the wire transfer.
• direction: Indicates if the wire is 'incoming' or 'outgoing'.
• status: Current status of the wire transfer, such as 'created', 'scheduled', 'processing', 'posted', 'under_review', 'rejected', 'cancel_pending', or 'canceled'.
• amount: Transaction amount in cents.
• currency_code: Currency code, currently supporting 'USD'.
• account_id: Identifier for the associated account.
• account_number_id: Identifier for the associated account number.
• counterparty_financial_institution: Details of the other financial institution involved, including routing number and name.
• originator: Information about the sender of the funds, including name, address, identifier type, and the last four digits of the identifier value.
• beneficiary: Information about the recipient of the funds, including name, address, identifier type, and identifier value.
• message_to_beneficiary: Memo or message intended for the beneficiary.
• imad: Input Message Accountability Data, a unique identifier assigned by the sending bank for tracking purposes.
• additional_network_data: Supplementary information from the network, such as previous message identifiers and references.
• was_returned: Boolean indicating if the wire was returned.
• related_wires: Information about related wire transfers, including previous and return wire IDs.
• rejection: Details provided if the wire was rejected, including the reason and associated IMAD.
• transfer_purpose: Stated purpose of the wire transfer.
• metadata: Additional key-value pairs for storing extra information related to the wire transfer.

Wire Transfer Statuses

Wire transfers progress through various statuses, reflecting their current state in the processing lifecycle.

Incoming Wire Statuses:

• posted: Funds have been received and deposited into the designated account.
• rejected: The wire was declined, and funds were returned to the sender.

Outgoing Wire Statuses:

• created: Wire request has been successfully created and is pending review.
• scheduled: Wire has passed review and is scheduled for submission.
• processing: Wire is being processed for submission; cancellation is no longer possible.
• posted: Funds have been sent to the recipient's bank.
• under_review: Additional review is underway; further information may be requested.
• cancel_pending: Cancellation request has been received and is being processed.
• canceled: Wire transfer has been canceled, and funds have been returned to your account.
• rejected: Wire transfer was rejected and not submitted.

Valid Characters for Wire Messages

To ensure successful processing, wire transfer messages must adhere to permitted character sets. Acceptable characters include alphanumeric characters (A-Z, a-z, 0-9), spaces, and specific special characters such as period (.), comma (,), hyphen (-), and others as defined by the Fedwire system. Messages containing invalid characters may be rejected.

Getting Assistance

Our team is dedicated to supporting your integration and operational needs. For any questions or assistance, please contact us at [email protected]. We're here to ensure your experience.