Initiating Payment
Currently, the Token API supports payment initiation for
Payment Services User – an individual person or legal business entity making use of an Open Banking service as a payee, payer or both. is requesting that money be moved from one place to another. How and where it is transferred are called "beneficiary account details." Via the API,
Single Euro Payments Area – a payments system created by the European Union (EU) which harmonizes the way cashless payments transact between euro countries. European consumers, businesses, and government agents who make payments by direct debit, instant credit transfer, and through credit transfers use the SEPA architecture. The single euro payment area is approved and regulated by the European Commission.
SEPA currently includes 36 members. It encompasses the 28 EU member states along with Iceland, Norway, Liechtenstein, Switzerland, Andorra, Vatican City, Monaco and San Marino. The single euro payment area remains an ongoing, collaborative process between these parties. SEPA is in the process of harmonizing rules regarding mobile and online payments. SCT
SEPA Instant Credit Transfer – Electronic retail payments processed in real time, 24 hours a day, 365 days a year; funds are made available immediately for use by the recipient.
Whitelisting Beneficiary Accounts
The transfer destinations you designate in your PIS calls must first be manually added to the dashboard. These are typically TPP-controlled accounts administered for appropriate funds distribution according to the governing regulations where the TPP is licensed. In all cases, for proper payment request initiation, execution, and funds transfer to the correct beneficiary account(s), take the following steps:
- Sign in to the Developer Dashboard and select Beneficiary under Settings.
The List of Accounts is displayed; initially, your list will be empty until you make some entries. Regardless, here you can Add, Modify and Delete accounts. - Add an account by clicking the Add button, then enter the required information: Account Name, Currency, Country, Account Type, and IBAN. BIC is optional.
- Click Save to add the information.
Once saved, beneficiary accounts in the list are available as transfer destinations for the payments you initiate by specifying the Account Number/IBAN and optional BIC, as appropriate.