Sending an Account Transfer
Account Transfers move funds between two Accounts held at Increase. Because both Accounts are on Increase's ledger, the funds never leave the bank and the transfer settles instantly with no external network involved.
If you use Increase with multiple banks, you can only send Account Transfers between two Accounts at the same bank. You can send Real Time Payments or FedNow Transfers to move funds between Accounts at different banks.
Lifecycle
| Status | Description |
|---|---|
pending_approval | The transfer requires approval from a member of your team. |
complete | The transfer has been completed and funds have moved between the two Accounts. |
canceled | The transfer was canceled before completion. |
Sending an Account Transfer with Increase
Originating an Account Transfer via the Increase API moves money from one of your Accounts to another.
- You make a
POST /account_transferscall with the details of how much you'd like to send, the originating Account, and the destination Account. An Account Transfer is created. - If the transfer does not require approval, it is completed immediately and its status is set to
complete. - At the same instant, two transactions are created. A Transaction with a negative amount is posted to the originating Account for the full amount of the transfer, removing the funds from that Account. A corresponding Transaction with a positive amount is created for the destination Account, adding the funds there.
Because both Accounts are held at Increase, funds move instantly and there is no settlement delay.
Approvals
For transfers that require approval from another team member, the Account Transfer is created with a status of pending_approval and a Pending Transaction is created on the originating Account to hold funds.
If the transfer is approved, the Account Transfer object updates with its approval details, the status is changed to complete, and the Transactions described above are created.
If the transfer is not approved, the Account Transfer object updates with its cancellation details and the status is changed to canceled. The Pending Transaction is released, no funds are moved, and no additional Transactions are created.