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Version: multi-v3

Outgoing Wire Transfers

An outgoing wire transfer is a transaction that move funds from a Weavr managed account to a bank account held at a third-party financial institution.

Before your customers can send wire transfers, they must:

Sending an Outgoing Wire Transfer

The following steps are required to send an outgoing wire transfer:

  1. Submit an Outgoing Wire Transfer Transaction
  2. Verify an Outgoing Wire Transfer Transaction

1. Submit an Outgoing Wire Transfer Transaction

Submit an outgoing wire transfer transaction using the create an outgoing wire transfer API. You must provide the sourceInstrument (the instrument from which you are taking funds) and the transferAmount.

In the destinationBeneficiary object, you need to specify the details of the beneficiary (the recipient of the funds). When specifying the beneficiary details you need to also specify the bankAccountDetails where funds should be deposited.

You must also specify a transfer profileId that determines the end-customer fees for this transaction. You can find more information on how to earn revenue from your customers in the outgoing wire transfer fees guide.

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Weavr currently supports SEPA outgoing wire transfers. UK Faster Payments will be supported soon.

2. Verify an Outgoing Wire Transfer Transaction

Before the submitted outgoing wire transfer can be executed and the funds sent to the destination beneficiary account, the logged-in user must verify the transaction.

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To verify an outgoing wire transfer, the logged-in user must have enrolled their mobile device for strong customer authentication.

Send a Challenge

You can trigger the transaction verification process by calling the transaction challenge API. The user will be requested to perform a two-factor authentication based on the {channel}.

If sms is used then a text message is sent to the mobile number associated with the user's credentials. For root users, this will be the mobile number provided when onboarding the corporate or consumer identity, while for authorised users, this will be the mobile number provided when onboarding the user.

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Currently, we support sms and authy as possible authentication factors.

In order to use authy as an authentication factor, consumer users, corporate users and authorised users must be enrolled for Authy in order to perform authentication using this method.

More authentication channels will be added in the future.

If you would like to authenticate the second-factor via sms the wire transfer SCA challenge API endpoint needs to be triggered, which will send an OTP via text message.

Alternatively, you can use Twilio authy to send a push notification on the user's mobile phone.

Complete the Challenge

If sms was the selected channel, then you must build a page in your application where the user can enter the verification code that they received in the text message which you will need to submit to via the challenge verify API.

In case of Twilio authy, the user must approve the push notification submitted on their mobile phone. You will receive a webhook notification once the user approves or rejects the push notification.

Once the challenge is successfully verified, the transaction is sent for execution.

Retrieve the Status of a Wire Transfer

Outgoing wire transfers are not executed instantly. Weavr may perform risk assessment before executing outgoing wire transfers. You can receive the status of an outgoing wire transfer using the API.