PSD2 Transfer of Funds
PSD2 Funds Transfers Guide
Users want the ability to send payments and transfers to anyone, anytime, in real time. 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.
Ensures both accounts are "live" and that funds are available in the source or debtor account for the payment.
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.
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)