USD local payment details

Overview

BVNK supports USD in local payment rails which enables customers of BVNK and their business customers (through US Embedded payments) to send and receive USD payments efficiently within the United States domestic banking infrastructure. This guide explains how it works, the benefits, and how you can use it.

What local payment rails are supported by BVNK?

Both the ACH (Automated Clearing House) and Fedwire payment rails are supported to provide faster, cost-effective, and reliable transactions.

BVNK customers who have USD local payment rail capabilities are provided with local account details which include Account Number, Routing Number, bank name, and bank address. Those details are explained as flows:

Account number - Bank account number to where funds can be deposited.

Routing number - A 9-digit number for identifying which bank to make transactions to.

Bank Name - The name of the bank which is required when making a ACH or Fedwire payment to the account.

Bank address - The name of the bank which is required when making a ACH or Fedwire payment to the account.

Note that US local payment details are available to direct BVNK customers, and separately BVNK customers (and their business customers) in the Embedded US Fiat Wallet, to those who meet the terms and conditions.

How can US local account details be accessed?

This can be completed in the following way for a BVNK customer:

1. Log into the BVNK Portal.
2. Select the virtual account with USD local details.
3. Click on the wallet details.

This can be completed in the following way for Embedded Wallets:

1. Log into the BVNK Portal.
2. Click on the My Customers tab.
3. Select the virtual account with USD local details.
4. Click on the wallet details.

How can I add US local beneficiaries?

 This can be completed in the following way:

1. Log into the BVNK Portal.
2. Click on the Bank Beneficiaries tab.
3. Select add a new beneficiary.
4. Select local payments.
5. Select USD and input the values for the type of USD local payout required.

How can I make a payout via local USD payment rails?

This can be done in the following ways for a BVNK customer:

BVNK Portal route:

1. Log into the BVNK Portal.
2. Select a virtual account with USD local payment capabilities.
3. Click on the Pay button.
4. Select a beneficiary which has USD local payment details. If there is no option, follow the flow for creating a beneficiary as specified above (this can be accessed via the Pay flow).
5. Confirm the details are correct and continue through the process to make the payout.

API route is explained in the API documentation (business payout and individual payout).

This can be done in the following ways for a Embedded US Fiat Wallets customer:

1. Log into BVNK Portal.
2. Click on the My Customers tab.
3. Select the virtual account to payout from.
4. Click on the Pay button.
5. Select a beneficiary which has USD local payment details. If there is no option, follow the flow for creating a beneficiary as specified above (this can be accessed via the Pay flow).
6. Confirm the details are correct and continue through the process to make the payout.

API route is explained in the API documentation.

Processing Times

All Fedwires must be submitted weekdays (excluding holidays) by 4pm CT / 2pm PT / 5pm ET for same day processing.

Any Fedwire transactions submitted after the cutoff time will be processed as next business day's transaction by default.

The FED operations 3 same day ACH windows, and 6 next day ACH windows. BVNK currently supports all same day windows, and the first 4 next day ACH window. BVNK will submit all entries, received up to 30 minutes before the FedACH cutoff, in the next available supported ACH window.

Frequently Asked Questions (FAQs)

Q: Who can use USD Local Payment Rails?
A: USD Local Payment Rails are available to BVNK customers and Embedded US Fiat Wallet customers who meet the regulatory requirements.

Q: Can I send payments to international accounts?
A: No, USD Local payment rails only supports domestic USD payments.

Q: How do I find my USD local rail account details?
A: On the BVNK Portal go to Wallets > Virtual account with local USD details > Wallet details.

Q: What if my payment is delayed?
A: Check the processing times above and contact support if delays exceed expected timelines.