PSD2 Creditor Requested Payments

by Temenos Developers in Guides September 9, 2019

PSD2 Funds Transfers Guide

In order to better service customers and deliver value, creditors want to be able to tie into the Open Banking standards and provide quick and convenient requests for payments.  How can I support this with my current core and expand it to offer better service to my customers? This use case allows just that, and enables real-time payments between any entity through your institution, when requested by a creditor.

Core Functions:

Account Verification

Ensures both accounts are "live" and that funds are available in the source or debtor account for the payment.

Transfer Initiation

Confirm payment details and account information with initiator and register the transfer start with your core.

Approve or Reject

Allow approval or rejection (recall) during the process and present final confirmation of payment details.

APIs Used:

PSD2 Account Provider

The PSD2 Account Provider API has multiple endpoints for providing account information to a 3rd party.

PSD2 Funds Transfer

The PSD2 Funds Transfer API has multiple endpoints for completing funds transfers.

In order to complete the transfer, you may need to us a variety of endpoints in multiple APIs. Also depending on your regulatory zone you may need SEPA vs standard PSD2 APIs. From Account Provider you would need:

  • Account Status
  • Account Balance

From Funds Transfer you will need:

  • Create Funds Transfer Record (or SEPA Record)
  •  Get Funds Transfer Status
  • Authorize Funds Transfer Record (or SEPA Record)
 You can read the docs here:
 

Transfer Process Flow - Payment Complete

Transfer Process Flow - Payment Rejected

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