Wires are direct transfers between banks. International wires (and in some cases, domestic wires) usually have intermediary/correspondent banks, which serve as third-party banks that help process and settle transactions. Unlike Intra Account transactions, Wire transactions go through multiple states in their lifecycle before the transaction finally settles:

  • Originated: when a transaction is created.
  • Pending: when a transaction is waiting to be sent to the bank.
  • Clearing: when a transaction has been sent to the bank in the FedWire/MT103 file or via an API.
  • Cleared: when the bank has processed the transaction and given Solid the IMAD/OMAD number. The IMAD/OMAD number is a unique number used to locate the transaction if required.
  • Settled: when a transaction is marked as settled to indicate the completion of the wire transaction.
  • Returned: when the originated wire transaction is returned by the RDFI.

1. Domestic Wire

Steps to originate a Domestic Wire transaction:

1

Create Counterparty

Via the Dashboard or the API, Create a Counterparty with the beneficiary account details in the domestic_wire sub-object.

2

Originate a Domestic Wire Transaction

Via the Dashboard or the API, Originate a Domestic Wire

3

Pass Parameters

Pass the necessary parameters (originating sub_account_id, counterparty_id, amount) and other optional parameters as needed.

{
  "sub_account_id": "sub_bda1e562657c41e553104b10aad3fe70",
  "counterparty_id": "ctp_8e5541c8a9e50c3af3b0daacf9175130",
  "amount": "25000.00",
  "description": "Invoice 123-9088-2 ",
  "external_reference_id": "123-9088-2"
}
Congratulations, you have now successfully Originated a Domestic Wire transaction!

2. International Wire

Steps to originate an International Wire transaction:

1

Create Counterparty

Via the API, Create a Counterparty with the beneficiary account details in the international_wire sub-object.

2

Originate an International Wire Transaction

3

Pass Parameters

Pass the necessary parameters (originating sub_account_id, counterparty_id, amount) and other optional parameters as needed.

{
  "sub_account_id": "sub_bda1e562657c41e553104b10aad3fe70",
  "counterparty_id": "ctp_8e5541c8a9e50c3af3b0daacf9175130",
  "amount": "250000.00",
  "description": "Offshore Dev 123-9088-2 ",
  "external_reference_id": "123-9088-2"
}
Congratulations, you have now successfully Originated an International Wire transaction!

3. Wire Cut-off Times

Originating Wires (both Domestic and International): The cut-off time for originating Wires on the same day is 12 pm PT.

Receiving Wires (both Domestic and International): Incoming Wires received by the partner bank before 4 pm PT are made available on the same day.