Table of Contents
Overview and Key Features
API Banking supports Wire payments initiated via APIs. SVB Clients must be onboarded and registered for 'Wires' to use our Wires API services. The Wires API can be used to:
- Post Immediate Wire: USD Fedwire and USD Swift.
- To ensure international wire transfer requests provide all necessary information per each country's guidelines, please review: https://www.svb.com/outgoing-international-wire
- Post Scheduled Wire: USD Fedwire and USD Swift.
- Retrieve Wire Payment Status
- Delete Scheduled Payment
- Webhooks for event type: wires.status
Fore more information, please visit SVB Learning Central.
Postman Collection with examples
Key Features
- API allows for integration with variety of systems for automation of payment initiation
- Ability to schedule USD Fedwire and USD Swift up to 365 days in advance
- Automate reconciliation and error handling by subscribing to webhooks
Example Use Case
Customer has cash management and payments modules within their ERP system, and they have integrated with SVB’s Wires API. When they review their cash position, they find that they have excess operating cash that they can use to pay down debt. In real-time, the integration facilitates:
- Creation of a Fedwire between the operating account and their relationship bank with whom they have a revolving line of credit, to pay down their debt position
- Get Status of the transfer to confirm it was successful
- Optional: Subscribe to Webhooks
- Their ERP module is instantly updated to reflect the new positions
cURL example:
curl https://api.svb.com/v1/payment/wires \ -X POST \ -H 'authorization': 'Bearer xxxxxxxxxxx' -H 'x-jws-signature: xxxxxxxxxxx' \ -H 'x-idempotency-key: 123456' \ -H 'content-type: application/json' \ -d '{ "debit_account": "3849694687", "amount": { "currency_code": "USD", "value": "100.35" }, "wire_type": "WIRE-US", "currency": "USD", "processing_date": "2019-08-24", "beneficiary_details": { "beneficiary_account": "12345467", "beneficiary_name": { "prefix": "MIST", "given_name": "TestBeneficiary", "middle_name": "middlename", "last_name": "lastname", "suffix": "Jr" }, "beneficiary_address": { "address_type": "HOME", "mailing_indicator": true, "registration_address_indicator": true, "care_of": "CO", "address_line": [ "1 Main st", "CA", "11111" ], "street_name": "Main Street", "building_number": "1", "building_name": "Abc Corp", "post_box": "11111", "side_in_building": "test", "floor": "4", "suite_identification": "test", "post_code": "11111", "district_name": "test district", "village": "Test", "town_name": "Santa Clara", "state": "CA", "country": "US" } }, "beneficiary_bank": { "bank_name": "Chase", "routing_number": "0044000000", "local_routing_code": "021000210", "bank_address": { "address_type": "BIZZ", "mailing_indicator": true, "registration_address_indicator": true, "care_of": "CO", "address_line": [ "1 Main st", "OH", "22222" ], "street_name": "Main Street", "building_number": "1", "building_name": "Abc Corp", "post_box": "22222", "side_in_building": "test", "floor": "4", "suite_identification": "test", "post_code": "22222", "district_name": "test district", "village": "Test", "town_name": "Columbus", "state": "OH", "country": "US" } }, "payment_details": { "reason_for_payment": "payment reason", "bank_instruction": "instructions to the bank", "purpose_of_payment_code": "purpose of fx wire" }, "payment_notifications": { "recipient_email": "notifications@svb.com", "recipient_note": "recipient note" }, "intermediary_bank": { "routing_number": "0440000", "bank_name": "BOFA", "bank_address": { "address_type": "BIZZ", "mailing_indicator": true, "registration_address_indicator": true, "care_of": "CO", "address_line": [ "1 Main st", "CA", "88109" ], "street_name": "Main Street", "building_number": "1", "building_name": "Abc Corp", "post_box": "88109", "side_in_building": "test", "floor": "4", "suite_identification": "test", "post_code": "88109", "district_name": "test district", "village": "Test", "town_name": "Santa Clara", "state": "CA", "country": "US" } } }'
Dependencies and restrictions
- Can originate Wires payments from US DDA accounts
- Does not work with FX Wires, FCA, MCA, UK accounts
- Domestic Wires payment must be submitted within the cut-off time & on a business day for payments to be processed
- Schedule Wires payment can be submitted upto to 365 days in advance but must be a valid business day
- Direct channel integration, does not require SVB Go company ID/user ID
USD Domestic & SWIFT Wire
We support USD Fedwire & SWIFT Wire Payment to be submitted via our Wires API. Few key points to note:
- Wires Type: Provide "WIRE-US" for Domestic Fedwire and "WIRE-INT" for USD SWIFT wires Payment.
- Debit Account: Must be onboarded for Wires scope at the time of onboarding to API Banking.
- Amount: Must be within the allowed Daily Limit & Transaction Limit for the Debit Account.
- Currency: Must be USD.
- Processing Date: Payment must be the current date (PST) and a valid business day for immediate payment. For Scheduled Payment the Processing Date must be a future date, upto 365 days, & a business day.
- Beneficiary Bank Routing Number: For USD Fedwire, a valid 9-digit ABA number. USD SWIFT Wire a valid 8 or 11-digit SWIFT (BIC) Code.
- USD SWIFT: Ensure to provide all details as required by the country of destination.
Wires Cut-off Times
Wires API payments must be posted within the stated cut-off times.
Wire Types | Cut-Off Times |
---|---|
Domestic & SWIFT |
Immediate Wire Payment: 2:00 am to 2:30 pm PST. Wires API Payment must be submitted within the stated cut-off time and on a business day. API Banking will reject any request received after the cut-off. Scheduled Wire Payment: Can be submitted anytime but 'Processing Date' must be in the future. |
Wires Status Lifecycle
Listed below is the possible status for Wires Payment
Status | Description |
---|---|
Scheduled | The initial status for Scheduled Wire payment. API Banking has performed initial validations on the payload and warehoused the payment for processing on Processing Date. |
Initiated | The initial status of the Wire payment. API Banking has performed initial validations on the payload and accepted the payment. |
Processing | The Wire Payment has been sent for further processing and settlement. |
Completed | The Wires Payment has been posted successfully for settlement. |
Cancelled | The Wires Payment was cancelled. Payment can be canceled for various reasons, including incorrect account numbers. |
Wires Webhooks
We support clients to subscribe to Webhooks for the status of Wires payments.
- Clients will be notified with the following information if they subscribe to the event types 'wires.status'
- Status
- Client ID
- Wire Type
- Payment ID
- Processing Date
- Amount Value
- Amount Currency
- Debit Account
- Credit Account
- Posted Date