This release includes a new status field on the Firm object and new webhooks. There is one breaking change.
We have introduced a new field on the Firm object called firm.status. This field provides your team with visibility into the current state of each firm as they progress through our application and onboarding process. These are the possible statuses:
As a compliment to the firm.status field mentioned above, we added a firm.updated webhook that will be sent to your configured endpoint each time the status changes. Additionally, we will send this webhook when changes are made to firm settings.
ACH returns will now trigger a transaction.ach_returned webhook. An ACH return occurs when the payer's bank declines to fulfill the payment to the firm and can happen for a variety of reasons.
The cut-off time for Fast Transfers was extended to 2 p.m. CT. This was originally set at 12:30 p.m. CT. More bank transfers will now be eligible for same-day deposits! We have updated our deposits reports to reflect this change, effective 2/15/2024.
The question often arises: How do you sell ACH when it's readily available through banks or third-party processors for free or at low cost? Contrary to common belief, ACH as we have built it is not a commodity. In this video, we discuss how we market and sell ACH or what we term our Fast Transfers platform.