Getting Started Guides
Use a Wire transaction to move money between bank accounts. Wire transactions use a secure transfer system, like Fedwire, to move funds between financial institutions. Wire transfers are typically used to send large sums of money and can be used to send money in the U.S. and internationally.
In this guide, we’ll send funds from a Customer Financial Account to a Business Financial Account:
In this guide, you’ll learn how to:
Sandbox Account: Sign up for a RocketKOR sandbox account. When your sandbox account is created, one or more Service Accounts will be created for your Business Account. A Service Account is a non-human user of a Business Account that performs functions (such as creating transactions) via the RocketKOR APIs on behalf of the Business Account.
Authentication: Before you can call the APIs, you must authenticate a Service Account by exchanging the account’s API key and secret for an access token.
Customer Account: Ensure the Business Customer or Individual Customer has an active Customer Account.
Make sure an internal Financial Account has been created for the Customer.
Create a Wire transaction that will transfer funds between two bank Financial Accounts.
In our example, we’ll transfer funds from the Customer’s internal Financial Account to the Business Account’s external bank Financial Account.
At a minimum, the request must include the following information. The request must also include an idempotency key that uniquely identifies the request. In the case of a network error, the idempotency key allows you to call the API multiple times without creating duplicate requests.
|
Parameter |
Description |
|---|---|
|
debitFinancialAccountId |
ID of the Financial Account used as the debit account (source of funds) for the transaction. In our example, this is an internal Financial Account owned by the Customer. |
|
creditFinancialAccountId |
ID of the Financial Account used as the credit account (receiver of funds) for the transaction. In our example, this is an external bank Financial Account owned by the Business Account. |
|
transactionType |
Type of transaction. Wire transactions always use the SEND transaction type. This pushes funds from the debit account to the credit account. |
|
solution |
Name of the RocketKOR solution used for the transaction. In our example, we’ll use wire. |
|
paymentReasonId |
ID representing the payment reason for the transaction. In our example, we’ll use bill-payment. |
|
amount |
Amount to be transferred from the debit account to the credit account. The amount must conform to any transaction limits. |
|
currency |
Currency used for the transaction. Must be USD. |
|
description |
Brief description of the transaction. |
|
memo |
(Optional) Brief additional note about the transaction. |
POST /v1/transactions
{
"debitFinancialAccountId": "7e2ea5fd-b58d-4d4e-bdd7-ce3eb85da695",
"creditFinancialAccountId": "b2024ea8-2465-49f7-a5eb-3c7c2fca901c",
"transactionType": "SEND",
"solution": "wire",
"paymentReasonId": "bill-payment",
"amount": "5000.00",
"currency": "USD",
"description": "Annual subscription"
}
Returns the SLT object.
Make a note of the transaction id. You’ll need this ID in the next steps when you check the transaction status and retrieve the transaction.
{
"id": "1cd4033b-8aba-497b-80a4-61f4ec614b1a",
"businessAccountId": "de30132c-e67a-4af7-89ec-f2109863b7f7",
"debitFinancialAccountId": "7e2ea5fd-b58d-4d4e-bdd7-ce3eb85da695",
"creditFinancialAccountId": "b2024ea8-2465-49f7-a5eb-3c7c2fca901c",
"transactionType": "SEND",
"solution": "wire",
"paymentReasonId": "bill-payment",
"paymentReason": "Bill payment",
"amount": "5000.00",
"currency": "USD",
"description": "Annual subscription",
...
}
View the transaction’s status history, including the current status.
Returns an array of SLT Status objects. These objects represent the statuses that have been assigned to the transaction during the transaction processing lifecycle.
{
"totalElements": 2,
"totalPages": 1,
"number": 0,
"numberOfElements": 2,
"hasNext": false,
"content": [
{
"createdBy": {
"id": "f29200b9-4817-474a-a958-aa8b352f2e45",
"type": "internal"
},
"createdAt": "2023-02-03T05:00:05.634158Z",
"id": "aafcea88-2b6d-4151-b1ce-9e4deb9547af",
"transactionId": "23733586-9135-42a5-8365-d0a2ec9eead0",
"eventType": "STATUS_CHANGE",
"description": "Transaction status changed to ‘PENDING’"
},
{
"createdBy": {
"id": "f29200b9-4817-474a-a958-aa8b352f2e45",
"type": "internal"
},
"createdAt": "2023-02-03T04:00:05.634158Z",
"id": "d7bed9a7-c55f-4b13-8d46-835f65d06939",
"transactionId": "23733586-9135-42a5-8365-d0a2ec9eead0",
"eventType": "CREATE",
"description": "New transaction created"
}
]
}
Retrieve the transaction details.
GET /v1/transactions/{transactionId}
In the request:
Returns the SLT object. The following example includes embedded subresources for the debit and credit Financial Accounts used in the transaction.
{
"id": "1cd4033b-8aba-497b-80a4-61f4ec614b1a",
"businessAccountId": "de30132c-e67a-4af7-89ec-f2109863b7f7",
"debitFinancialAccountId": "7e2ea5fd-b58d-4d4e-bdd7-ce3eb85da695",
"creditFinancialAccountId": "b2024ea8-2465-49f7-a5eb-3c7c2fca901c",
"transactionType": "SEND",
"solution": "wire",
"paymentReasonId": "bill-payment",
"paymentReason": "Bill payment",
"amount": "5000.00",
"currency": "USD",
"description": "Annual subscription",
...
"_embedded": {
"debitFinancialAccount": {
"id": "7e2ea5fd-b58d-4d4e-bdd7-ce3eb85da695",
"businessAccountId": "de30132c-e67a-4af7-89ec-f2109863b7f7",
"name": "Checking Account",
"category": "INTERNAL",
"type": "BANK",
"subtype": "CHECKING",
....
},
"creditFinancialAccount": {
"id": "b2024ea8-2465-49f7-a5eb-3c7c2fca901c",
"businessAccountId": "de30132c-e67a-4af7-89ec-f2109863b7f7",
"name": "Savings Account",
"category": "EXTERNAL",
"type": "BANK",
"subtype": "SAVING",
...
}
}
}
Step into the future of Finance with RocketKOR! Simplify payments, banking, lending, and data analytics using our versatile KOR Platform.
A Rocket Financial Inc. company
@ 2024 RocketKOR, Inc. All rights reserved.
