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This page has been updated with Priority specifications.

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Disclaimer:

• Transactions are not processed on weekends or US federal holidays. For a list of banking holidays, you can check the Federal Reserve's calendar here.
  • This does not include RTP and FedNow, which run 24/7 regardless of holidays and weekends.
• Sila is not responsible nor has control over any transaction flow that falls outside of the Sila/Priority environment. If you experience any delays for a push transaction, please contact the bank that is being credited.

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Sandbox Transaction Timings

Please be aware that test transactions in Sandbox can take up to an hour to process successfully.

Terminology

• ODFI: the Originating Depository Financial Institution - the sender. In Sila's case, Priority is the Originator, and Priority's partner bank is the ODFI.
• RDFI: the Receiving Depository Financial Institution - the receiver. In Sila's case, the RDFI is the receiving end user's external banking institution.
• pull: linked bank account -> Sila wallet/Priority ledger account. Also referred to as an "issue" transaction.
• push: Sila wallet/Priority ledger account -> linked bank account. Also referred to as a "redeem" transaction.
• internal transfer: Sila wallet -> Sila wallet. Also referred to as a "ledger_to_ledger" or a "book transfer."

ACH Transaction Timing Concepts

Distinction between the various types of times

There are four different times to consider when trying to determine the availability of funds:

• ACH transaction creation time on the Sila platform.
• Transmission of that ACH transaction to the Federal Reserve (the Automated Clearing House). This is also referred to as the cutoff time.
• In the case of an ACH pull (an /issue transaction), when the funds become available in the user's wallet on Sila's platform.
• In the case of an ACH push (a /redeem transaction), when the funds become available in the end-user's bank account at the receiving bank (RDFI).

ACH Processing Schedule

Standard (Next Day) ACH

• Any Debit (pull, /issue) transactions that are initiated before 6:30 pm ET (Monday - Friday) SHOULD be reflected in the user’s wallet in four business days at 09:00 ET (Monday - Friday).
  • Sent on Monday, available 09:00 Friday.
• Any Credit (push, /redeem) transactions that are initiated before 6:30 pm ET (Monday - Friday) SHOULD be reflected in the user’s bank account by the end of the following business day.
  • Sent on Monday, available by end of day Tuesday.

Same Day ACH

• Any Debit (pull, /issue) transactions that are initiated before 13:45 pm ET (Monday - Friday) SHOULD be reflected in the user’s wallet in three business days at 09:00 ET (Monday - Friday).
  • Sent on Monday, available 09:00 Thursday.
• Any Credit (push, /redeem) transactions that are initiated before 13:45 pm ET (Monday - Friday) SHOULD be reflected in the user’s bank account by the end of the current business day.
  • Sent on Monday, available by end of day Monday.

ACH Same Day cutoff and settlement times

RDFI Funds Availability for Wallet -> BankAccount

• Funds sent Same Day ACH are available in the bank account at the RDFI by the end of current business day.
• Funds sent Same Day ACH on a weekend or holiday are available in bank account at the RDFI by the end of next business day.
• Funds sent Next Day ACH are available in the bank account at the RDFI by the end of next business day

Sila Wallet Funds Availability for BankAccount -> Wallet

• Funds requested Same Day ACH are available in the user's wallet in three business days at 9:00am.
  • example: Monday Same Day will be credited to the wallet at 9:00 am Thursday.
• Funds requested Next Day ACH are available in the user's wallet in four business days at 9:00am.
  • example: Monday Next Day will be credited to the wallet at 9:00 am Friday.

Why the discrepancy between the ACH Push/Credit and Pull/Debit funds availability and the user wallet settlement times?

In short, due to potential returns.

What's an ACH return?

In the case of any ACH transaction, but more likely in the case of an ACH pull where funds are withdrawn from a user's bank account, the user may dispute the transaction, and the RDFI is obligated to request an return of the funds from the ODFI. US banking law says that a consumer has the right to request a return of any ACH withdrawal for up to 60 days, but the majority of returns are received by the ODFI within two business days.

Funds are not made available in the user's wallet until a return is not likely.

In order to determine if an ACH transaction will have a return requested, Sila will wait for two business days, and only then if no return request has been received by the RDFI does Sila consider the transaction to be "safely settled" and will credit the user's wallet with the funds.

Internal Transfers

Wallet > wallet transfers can take from seconds up to 15 minutes to fully settle in Production.

Wire Schedule