ACH rail
ACH rails
Arix uses ACH to push money into the account of a borrower, vendor, or creditor. Cross River must approve every ACH payment that is sent.
There are two types of ACH rails:
COSACH
- Via
- Funded next day
COSACHSD
- Via Nacha
- Same day funding
{
"LoanId": "bbedd717-8589-4411-b6da-ac6e0097bf51",
"Rails": [
{
"ACHFields": {
"StandardEntryClassCode": "PPD",
"TransactionType": "push",
"ToRoutingNumber": "021214891",
"ToAccountType": "Checking",
"ToAccountName": "Anita Lon",
"ToAccountNumber": "9999999999",
"Description": "Loan"
},
"Id": "23b5fedb-bc20-41a0-a4ae-ac9300b4530e",
"RailType": "COSACH",
"Priority": 1,
"Amount": 100
}
]
}Request parameters
Attributes | Description |
|---|---|
ToRoutingNumber string | Receiving bank's routing number. The value entered for this field is validated up front and it must be 9 digits long. Required |
ToAccountName string | Name on the customer account. Limited to 22 characters. Required |
ToAccountNumber string | Account number. Limited to 17 digits. Required |
Description string | Mapped to identification field in the NACHA file. Limited to 15 characters. Required |
StandardEntryClassCode string | The type of account: - PPD - consumer accounts - CCD - corporate accounts Required |
TransactionType string | Push Required |
ToAccountType string | Checking account or savings account. Required |
Returns
ACH credits are not final as are wires. When Arix uses an ACH rail to process a loan, the rail can be returned from the Fed at any point in the process. Returns typically occur within several days of funding, but they can be generated up to 180 days from the funding date.
Arix uses webhooks to update the funding status of a loan.