Sending a wire transfer

Wire Transfers allow you to send money ~instantaneously. Wires are generally preferred for high value payments that benefit from being irrevocable.

Lifecycle

Status	Description
pending_approval	The transfer requires approval from a member of your team.
pending_reviewing	The transfer is pending review by Increase.
pending_creating	The transfer has been created but has not been submitted to the Federal Reserve for processing. Although it is pending, the transfer still cannot be canceled. For example, a transfer is submitted outside of a Fedwire window.
complete	The transfer has been submitted to the Federal Reserve and funds have settled.
reversed	The transfer has been reversed by the receiver. There will be a second transaction for the reversal.
canceled	The transfer has been canceled.
rejected	The transfer was rejected by Increase.
requires_attention	The transfer requires attention from an Increase operator.

Sending a wire transfer with Increase

Originating a Wire Transfer via the Increase API kicks off several steps involving you, Increase, the Federal Reserve, and the receiving bank.

1. You make a POST /wire_transfers call with the details of how much you'd like to send and data about the recipient.
2. A Transaction is immediately created for the full amount of the transfer and your Account balance is reduced.
3. When the file is submitted to the Federal Reserve (usually within minutes), Increase updates the Wire Transfer object with its submission details.
4. The Federal Reserve forwards transfer details to the receiving bank and funds are settled ~instantly. There may be delays and processing time required at the receiving bank, however.
5. If a Reversal is received from the receiving bank, the Wire Transfer object is automatically updated with reversal details and a new Transaction is created to increment your Account balance.

Approvals

For transfers that require approval from another team member, the Wire Transfer is created with a status of pending_approval and a Pending Transaction is created to hold funds.

If the transfer is approved, the Wire Transfer object updates with its approval details and the status is changed to pending_reviewing. Once the transfer is submitted, the Pending Transaction status updates to complete and a new Transaction is created to remove funds from your Account.

If the transfer is not approved, the Wire Transfer object updates with its cancellation details and the status is changed to canceled. The Pending Transaction status updates to complete but no additional Transaction is created.

Reviews and rejections

Occasionally a Wire Transfer will need to be manually reviewed by an Increase operator. When this occurs the Wire Transfer object status will be set to pending_reviewing.

Once reviewed, the status changes to pending_creating and things progress normally. However, rarely a Wire Transfer may be rejected by Increase. When this occurs the Wire Transfer object status updates to rejected and no Transaction is created on your Account.