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:
- Create a managed account.
- Assign an IBAN to the managed account.
- Enrol their device for Strong Customer Authentication
Sending an Outgoing Wire Transfer
The following steps are required to send an outgoing wire transfer:
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
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.
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.
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
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.
Currently, we support
authy as possible authentication factors.
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
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.