Using Solid's Create an Account API, you can open an account. An Account Number and Routing Number is issued to every account. You can use the Account Number and Routing Number to fund the account.
To fund the account via an ACH Transfer, you can push funds from another bank account in the US. From the source account, send an ACH transfer to the account that must be funded using:
- Account Number
- Routing Number
- Legal Name on the Account (Person or Business)
- Account Type
Account Number: <beneficiary account number>
Routing Number: 123206972
Bank Name: Lewis & Clark Bank
Account Type: Business or Personal Checking
Account Name: <beneficiary person or business name>
Accounts details are available via the Retrieve an Account API or the Solid Dashboard. Depending on the speed of the ACH sent, the destination account receives the funds in a day or two. To get notified, you can subscribe to the webhook (Event Type: ach.received.credit).
ACH Push from another bank account is preferred to fund an account via ACH.
Alternatively, you can also fund the account using the Receive an ACH Pull API:
- On the destination account (the account that must be funded), Create a Contact with the source account number, routing number, and account type (the source bank account with the funds).
- Receive an ACH Pull to destination account from the source account's contact Id. You can have an option to pull via sameDay ACH or nextDay ACH.
- The destination account receives the funds in a day or two.
To get notified, you can subscribe to the webhook (Event Type: ach.originated.credit). ACH Pull from another bank account is not preferred to fund an account via ACH.
For ACH Transactions, Solid supports the ACH addenda record. It is an optional record attached to an ACH payment. Think of it as a note or a memo attached to the ACH. It is used to provide additional information of the account holder or the offer details to the purpose of the ACH transaction. As an RDFI, Solid passes through the ACH addenda information received from the ODFI. Please check with your ODFI if you do not see the ACH addenda. ACH addenda is available in the Solid Dashboard (transaction details) or the Transaction Details API & Webhook.