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 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. TCH (The Clearing House) wires are coming in 2022.

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

A 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 2022. 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 more 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 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.

Book Transfers (different platforms)

If you wire or ACH transfer money to/from another account at Column but owned by a different platform or 'counterparty', we'll settle that transfer immediately using a book transfer. Very soon, we will enable you to tell if the external counterparty that you're transferring funds to/from is on Column. If so, you'll be able to explicitly book transfer to that account, even if you don't own it.