Fedwire Funds Services (Fedwire) is a real-time gross settlement (RTGS) transfer system that allows participating financial institutions to send and receive same-day fund transfers. Federal Reserve operates the Fedwire payment network, typically used to process high value payments or payments that are required to be delivered faster, generally in a matter of hours. Wire APIs are increasingly being used to build cash management applications and ESCROW services for real estate, broker-dealer payments and many more B2B use cases.
- Secure transactions with traceability for ongoing transactions
- Complete automation of wire payment initiation
- Automated reconciliation and error handling
- Track and search for wire payments
- ISO20022 message format compatible
- Ability to send both international and domestic wires
A corporate treasurer wants to make high-value, time-sensitive payments through his AR/AP platform to his suppliers. With the API integration to the corporate AR/AP platform through Finzly Connect APIs, he can enjoy a seamless payment experience embedded into his AR/AP platform, with the ability to update the payment status in real-time into the platform. 1. Initiation of wire on their AR/AP platform 2. Status update of payments at various stages of processing 3. Update payment status in payroll processing platform for each status change