Introduction

Wires offer the benefit of being guaranteed funds that settle relatively quickly. Additionally, while wires are more expensive than ACH transactions, they face no return risk, making them ideal for large sum transactions or situations where return risks need to be eliminated. Wires are also used to send money internationally.

Synapse offers both domestic and international wire transfers.

(Transaction) Node Types: WIRE-US and WIRE-INT (international).

Steps to Initiate Wire Transactions

To Initiate an Wire Transaction

  1. Make sure your controls (what you are allowed to do in our system) allow for Wire transactions.
  2. Have a user with SEND-AND-RECEIVE permissions who is not a match in one of our sanctions lists (click here for a guide on how to check for this).
  3. Link the target external account to our system. The process varies slightly for domestic wires and for international wires. Learn more in Linking Wire Accounts.
  4. If all the steps above have been successfully executed, you can create a transaction with the wire node (i.e. the or node that you created).

To Receive an Externally-Initiated Wire Transaction

To receive an incoming Wire transaction (that is, not initiated inside the Synapse ecosystem) you will need to have an account with the SEND-AND-RECEIVE permissions that is owned by a user who is not a match in one of our sanctions lists (click here for a guide on how to check for this), and who has been issued account and routing numbers.

When we receive the transaction we will automatically push or pull the funds to/from your account. If you are subscribed to the relevant webhook you will receive a webhook informing you of the transaction.

Cutoff Times

Domestic and International wire transfers have differing cutoff times.

Our cutoff times are:

Cutoff Time
Settlement Time

Domestic Wires
(WIRE-US)

12:00 PM PT

Same Business Day
Domestic Wire transactions sent after the cutoff time will be processed the following business day.

International Wires
(WIRE-INT)

9:00 AM PT

Same Business Day
International Wire transactions sent after the cutoff time will be processed the following business day.

Wires


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