Transactions are powerful in that they can be used to both ledger events on an account, as well as move and receive money.

Wire Transaction

A wire transaction is created when you send or receive a wire transfer. Outgoing wire transfers happen in real-time and are sent through the Federal Reserve over their FedWire system.

An incoming wire transfer also creates a transaction. We support both domestic and international incoming wires.

Learn more about wires in the wire section.

ACH Transaction

An ACH transaction is created when you initiate an ACH transfer. Column relies on the Federal Reserve's FedACH system and we plan to enable support for TCH's ACH and RTP system in the future. ACH transfers do not settle immediately like wires, but are faster than you might think. We support incoming ACH transfers as well as outgoing ACH credit (push) and debit (pull) transfers. Learn more in the ACH section.

Book Transfers (single platform)

Book transfers give you speed and cost efficiency. They are a ledger event that immediately moves funds between two accounts on your platform and can be sent 24/7.

Common examples:

  • Payments between users: You can transfer funds between two of your users with immediate settlement.
  • Account transfers: You can transfer funds between two accounts owned by the same entity. This could serve to pay off a loan, transfer money between different checking accounts, etc.
  • Transfers to a settlement account: If Column is your debit card BIN sponsor, you can use a book transfer to ledger and transfer money from a user's account to your Visa or Mastercard settlement account instantly upon auth.