Payment rails
A payment rail is the method by which Arix transfers funds. Arix uses these rails:
Important
To track rails, use the RailId you receive back after the API call.
Funding is an automated process. It is your responsibility to review your records before you create any loans or requests for funding.
RailTransaction attributes
These properties are returned for rail transactions.
Every rail includes a GUID, which is a unique identifier for the rail which you can use to match the rail request to the rail response.
| Attribute | Description |
|---|---|
| RailId GUID | Unique identifier for a rail. |
| LoanId string | Unique identifier for a loan. |
| RailType RailType or null | Type of rail for payment. Select from one of these rail types. - COSACH - COSACHSD - AdjustmentAction Not a payment rail - Check - RPPS - COSXPay - RTP |
| Priority integer or null | Order the loan was processed - starts with number 1. If all the loans have the same number, Arix processes them in the order they were received. |
| Amount decimal | Amount attempted to process on this rail. If left blank, Arix attempts to process the full balance. |
| MPLId string | ID of the MPL. |
| IssuingBankId string | ID of the issuing bank. |
| IsFailed boolean | Indicates if the loan transmission failed. True or false. |
| LoanType string | Type of loan. |
| AmountFunded decimal | Dollar amount funded. |
| RailTransactionId string | Unique identifier for a rail transaction. |
| FundResult RailResultType | Result of the funding. See Enums. |
| Message string | Message returned. |
| ProcessedAt DateTime | Date the rail was processed. |
| TransactionGroupId GUID | Unique identifier of the transaction group. |
Rail cutoff times
The bank reserves 1.5 - 2 hours for pre-processing of funding before the network cutoff times below. Only loans that completed all underwriting checks are funded. Loans that miss a cutoff will auto-roll to the next processing window.
| Rail type | Cutoff times |
|---|---|
| ACH | Cutoff is 16:00 EST. The Fed accepts submissions until 18:00 EST. |
| ACH SD (Same Day) Limited to $1,000,000 per transaction | Cutoff is 13:00 EST. The Fed accepts submissions until 14:45 EST. Extended Same Day cut off is 14:30 EST. The Fed accepts submissions until 16:45 EST. |
| Checks | Cutoff is 15:00 EST. |
| Mastercard RPPS | Support for 3 MC RPPS processing cycles: 03:00 EST – 05:00 EST 13:00 EST – 15:00 EST 21:00 EST – 23:00 EST To have a transaction included in a processing cycle, it has to be submitted no later than 40 minutes before the cutoff. Any transactions submitted later than 40 minutes before the cutoff time, will flow to the next cycle. |
| XPay | 24/7 (no cutoff times) |
| RTP (Real Time Payment) Limited to $1,000,000 per transaction | 24/7 (no cutoff times) |
ACH return cutoff times
ACH returns are received in batches, with the following cutoff times:
| ACH returns | 1. First Batch: 12:00 AM EST 2. Second Batch: 3:00 AM EST 3. Third Batch: 11:30 AM EST 4. Fourth Batch: 3:30 PM EST 5. Fifth Batch: 4:30 PM EST |
Updated 6 months ago