Overview
Wires with Lithic
Wire transfers are currently in private beta. Contact your customer success manager to learn more about access. Your bank partner may apply additional screening, limits, or policies based on their risk management practices.
With Lithic, you can receive and send domestic wire payments seamlessly over Fedwire. Whether you're accepting large customer payments or sending funds to vendors and partners, wire transfers provide speed, security, and certainty for high-value transactions.
Receiving Wire Transfers
Receive wire transfers into your Lithic account from customers, partners, or your own external bank accounts. Funds typically settle within seconds of when the sending bank initiates the wire. You can accept wires whenever the Federal Reserve is open, approximately 22 hours a day on business days. View incoming wires through the dashboard or API.
The Process
A wire transfer is initiated from any bank to your Lithic account. The wire travels through the Federal Reserve network and arrives at Lithic. We automatically review the transaction for AML/BSA compliance, then credit the funds to your account. You're notified in real-time when the wire arrives and when funds are available.
What You See
- Key details about who sent the wire and from which bank
- The exact amount received
- Any payment memo or invoice reference included with the wire
- Timestamp of when funds became available
- Unique tracking numbers (e.g. IMAD) for reconciliation with bank records
Common Scenarios
- Account Funding: Wire funds from your operating account to your Lithic account to support card spend and transaction activity
- Customer Deposits: Customers wire funds to their Lithic accounts
Sending Wire Transfers
Send domestic wire transfers to any recipient through the dashboard or API.
The Process
You provide the recipient's bank details (account number and routing number), the amount, and any payment notes. Lithic validates and reviews the wire for AML/BSA compliance, then submits it to the Federal Reserve network. Depending on your bank partner and risk profile, outgoing wires can settle within seconds to hours. Wires submitted after the configured cutoff time will be processed the next banking day.
What You Control
- Recipient information (name, bank details, account number)
- Payment amount
- Payment memo or reference (invoice numbers, notes)
- Timing of when the wire is sent
Common Scenarios
- Disbursements: Send payments to end users in your network when they need immediate access to funds
- Vendor Payments: Pay suppliers and service providers when speed matters
- Refunds and Settlements: Return funds to customers or settle accounts quickly
Key Benefits
Direct Connection
Lithic connects directly to Fedwire, giving you faster settlement, more accurate data, and better transaction visibility than indirect connections.
Speed and Certainty
Incoming wires settle within seconds. Unlike ACH which can take hours or days, wires are final and irrevocable; recipients can count on funds being available immediately.
Built-in Compliance
Every wire transfer is automatically screened for sanctions and compliance, protecting your business from regulatory violations.
Configurable Controls
Configure rules to control which wires are allowed. Specify approved counterparties, set amount limits, and define other guardrails to match your risk tolerance and business needs.
Transaction Visibility
See key details for every wire including the primary parties involved (originating bank, originator, beneficiary bank, beneficiary), payment memos, and unique tracking identifiers. View wire activity through the dashboard or API, and subscribe to webhooks for real-time updates. This visibility is essential for accounting, reconciliation, and audit requirements.
Security and Risk Management
Transactions involving prohibited parties or suspicious patterns are flagged for review by our team before any funds move.
Every wire creates a complete audit trail showing primary parties, timestamps, and status changes, which is essential for regulatory examinations and internal controls.
FAQ
How quickly do wires settle?
Incoming wires typically settle within seconds. Outgoing wires submitted before the cutoff can settle within seconds to hours depending on your bank partner and risk profile. Wires submitted after the cutoff settle the next banking day.
What's the cutoff for same-day wires?
Cutoff times vary based on your bank partner and configuration. Wires submitted after the cutoff process the next banking day.
Can wires be cancelled?
Once submitted to the Federal Reserve network, wires cannot be cancelled. However, you can request the recipient return the funds.
Are there size limits?
Wire transfers can handle large transaction amounts. Very large wires may require additional verification for security.
What if a wire is flagged for review?
If automated screening flags a wire as potentially suspicious, our compliance team manually reviews it. Confirmed violations are escalated to the relevant regulatory agencies.
How do wire returns work?
If you receive a wire in error, you can return it to the sender. If someone returns a wire you sent from your Lithic account, the funds are automatically credited back. Lithic will also automatically return incoming wires if the recipient information doesn't match any account in our system (such as unrecognized account numbers or names).
Updated 15 days ago