Instant enables you to use ACH Transactions to send money between a Cardholder's Account and their external bank account. These transfers are useful for Account funding.
The Automated Clearing House (ACH) is an electronic funds transfer network that facilitates interbank transfers. Since there are several parties involved, each requiring time to process the request and route the money to the next party, ACH transactions may take two to three business days.
ACH transfers are bidirectional. Through Galileo, you are able to initiate ACH credit Transactions (sending money to another Account) and ACH debit transactions (pulling money from another Account).
Use Plaid to create an ACH Account.
account_id for both Accounts involved in the transfer by sending a GET request to the Accounts endpoint, including the Cardholder's
cardholder_id. The response will contain information, including the
account_id, about the Spending Account as well as all ACH Accounts that have been created. Note that either the
destination_account_id or the
source_account_id must be the
account_id of the Spending Account.
Determine which Account from Step 2 above is the source Account and which is the destination Account. Send a POST request to the Transfers endpoint, including the
destination_account_id and the
amount is greater than the source Account balance, the request will result in an
A successful response contains a
destination_transaction_id that maps the transfer to the corresponding Transactions. The Account now has a Transaction with a
transfer type and an
ach subtype in the Transaction History.
If the transfer is an ACH credit, it affects the Spending Account balance immediately. If the transfer is an ACH debit, the Transaction has a
pending status and won't affect the Spending Account balance until the Transaction is complete, two or three business days after it is initiated.
It is possible to simulate ACH credits and debits in the Sandbox. When you initiate an ACH credit, the Spending Account balance is immediately debited and a transaction appears in the transaction history. When you initiate an ACH debit, the Spending Account balance is not debited and a transaction doesn't appear in the transaction history. In production, it takes a couple of days for these changes to take effect, but there isn't a process that runs in Sandbox to simulate the delayed arrival of ACH debits.
Updated almost 2 years ago