ACH - Connect Bank

Creating Payment Methods Via Bank Details

We can pass bank details to the Create Payment Method endpoint.

//US payment method details 
{
  "paymentMethodType": "INTERNATIONAL_TRANSFER",
  "paymentType": "LOCAL_BANK_WIRE",
  "currency": "USD",
  "country": "US",
  "beneficiaryType": "INDIVIDUAL",
  "firstNameOnAccount": "Sally",
  "lastNameOnAccount": "Smith",
  "beneficiaryAddress": "1234 Main St.",
  "beneficiaryAddress2": "",
  "beneficiaryCity": "Los Angeles",
  "beneficiaryPostal": "91604",
  "beneficiaryPhoneNumber": "+15555555555",
  "beneficaryState": "CA",
  "beneficiaryDobDay": 2,
  "beneficiaryDobMonth": 12,
  "beneficiaryDobYear": 1990,
  "accountNumber": "1234567890123",
  "routingNumber": "123412312",
  "accountType": "CHECKING",
  "chargeablePM": false
}

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Account Number

Please note that the accountNumber parameter should be your bank account number, i.e. checking or savings account number. This should not be your Wyre account id.

When you create a Payment Method using this API it will return with a status of AWAITING_FOLLOWUP. If you have set chargeablePM to false then the status will remain AWAITING_FOLLOWUP, however, you will be able to make payouts (push) to the payment method.

A payment method must be approved in order to pull funds from it. Once approved, the payment method will transition from PENDING status to ACTIVE. When setting chargeablePM to true, a bank statement upload is required to move the account from AWAITING_FOLLOWUP to PENDING. After a successful review of the bank statement, the status will transition to ACTIVE.

Plaid

The Wyre LOCAL_TRANSFER connection flow leverages your Plaid Link account in order to make it easy for your customers to connect their bank account to their Wyre account. You can activate Wyre within the Plaid integrations dashboard.

Creating the Payment Method

Refer to the Integrate with Plaid for Bank Transfers Guide for details on finishing the link and passing the processorToken.

Bank Document Upload

In the case that we are adding banks via banking details or when the name on the bank account does not match the name of the User account, Wyre will require a Bank Document Upload

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Document requirements

We require a digital bank statement. Must be within the last 3 months and show a full month of transactions.

Making a Payout to the Payment Method

When using the Payment Method as the dest of a Transfer you will need to use the SRN with the prefix paymentmethod:.

For example, to payout BTC to MXN using the above MXN payment method, you would make a request that looks like:

{
  "source": "wallet:WA_W7YN28ABCHT",
  "dest": "paymentmethod:PA_UP2XAELHJBD",
  "sourceCurrency":"BTC",
  "destCurrency":"MXN",
  "amount": "2"
}

ACH Funds Delivery Timeline

ACH transfers should be delivered 5 business days after the date of initiation. The expected delivery date of funds can be impacted due to bank holidays and weekends.

ACH Failure Notifications

ACH transfers are done through the Create Transfer endpoint. A transfer id is generated for every initiated transfer, including ACH deposits. You can query the transfer by id to get details from the API regarding ACH failures.

Attach Blockchain to Payment Method

Wyre enables our partners to give a payment method its own blockchain addresses for instant liquidation

This endpoint enables you to connect any payment method - like a bank account - to any of the blockchains we support. This gives the payment method its own blockchain addresses. Any funds sent to this address will be instantly and automatically converted and liquidated.

All standard transfer limits apply to these liquidations. If these limitations are violated for any reason, the funds will instead be routed to the account which created the payment methods. The credited balance to the account will be in the original blockchain currency.

Tracking Liquidation Events
It is possible to transfer crypto funds from a 3rd party wallet directly to a Liquidation Address. In order to capture this type of transfer event you will need to subscribe to paymentmethod webhooks.