This delivery method is commonly used for cross-border payments. It allows consumers to send money to their recipient's bank account.
When the transfer is complete, the funds will be available to the recipient in their account.
Bank deposit payouts are generally considered safe and secure, as the funds are held in accounts insured by governments or regulatory bodies.
Bank deposit workflow
There are two options for collecting the bank payout network, online and offline. The choice depends on the partner's preference.
Online: the following endpoints are called in real-time:
Offline: this option allows partners to retrieve information for storage on their side, avoiding real-time calls to obtain data from the network of paying banks. The following endpoints need to be initiated:
In addition to online/offline options, three additional endpoints must be called for each transaction flow to retrieve the BankID and Locations:
Bank deposit online
To initiate a Bank Deposit Online, the availability of the destination country (corridor) and the compatibility with the desired delivery method need to be verified. The endpoints for checking service availability are provided here.
In the online mode, the process follows these steps:
- Retrieve necessary fields by calling Master Data and Enumeration Values.
- Use the GetBanks endpoint to acquire the BankID. This can be achieved by entering either the Bank
- Name or Bank Routing Number/BIC provided by the customer in the SearchCriteria.
- Proceed to obtain Rates and Fees using the gathered information.
- Finally, based on the comprehensive list of required parameters provided by Rates and Fees, perfom a request to Create Draft Order and Create Order.
Bank deposit offline
Executing a Bank deposit Offline follows a similar structure. The availability of the destination country and its Bank network should be collected from the catalogs. The endpoints to retrieve the information can be accessed here.
In the offline mode, the process entails:
- Begin by retrieving necessary fields through Master Data and Enumeration Values.
- Next, acquire the BankID and related details from the catalog obtained in Bank Catalog by FTP.
- Proceed to obtain Rates and Fees using the gathered information.
- Finally, based on the comprehensive list of required parameters provided by Rates and Fees, perform a request to Create Draft Order and Create Order.