Column exposes the ability to transmit and receive wires through the Federal Reserve's Fedwire system. Fedwire enables you to send real-time funds from any bank account. TCH (The Clearing House) Wires are coming in 2023.
You'll receive a webhook and an event will be generated anytime a wire is sent to your bank account.
Wire transactions can be sent to Column 24/7, however they are only processed by the Federal Reserve on business days beginning at 9:00 p.m. eastern time (ET) on the preceding calendar day and ending at 7:00 p.m. ET, Monday through Friday, excluding designated holidays. For example, the Fedwire Funds Service opens for Monday at 9:00 p.m. on the preceding Sunday. The deadline for initiating transfers for the benefit of a third party (such as a bank's customer) is 6:45 p.m ET each business day.
We support both domestic and international wires. If you have an existing relationship with a correspondent bank or international transfer company, we can work with them to settle your outgoing international wires.
Fedwire is credit (push) only. However, there is a way to simulate a Fedwire 1031 drawdown request (pull) if you and the counterparty have a standing money movement relationship (i.e. payroll), these are known as drawdown wires. We do support these, but the functionality is not available with self-serve accounts at Column - email us at email@example.com if you're interested!
We provide the ability to easily return incoming wires under reasonable banking-related circumstances, such as when the beneficiary information in the wire does not match the recipient account or when the funds are sent to a non-existent account.
Wire messages have an immense amount of context and data available that most banks don't have the ability to see. Since we have a direct connection to the Federal Reserve, we receive full raw data for all domestic and international wires. We have the ability to include them in the API payloads. Email us if you would like more raw wire data included, besides those important raw fields that are already available in the API payloads.
The Fedwire system defines a set of valid characters permitted in Fedwire messages. Messages with invalid characters will be rejected by the Fedwire system. Valid characters includes: