Transfers

The platform exposes access to a multiple of payment networks and covers all major currencies together with some local ones.

Type	Currencies	Description
Internal	EUR, BGN, GBP, USD	Internal transfers can be initiated between accounts in the Paynetics system using several identifiers like balance token, IBAN and Account Number. Internal transfers are executed in real time.
Inbound	EUR, BGN, GBP, USD*	Inbound transfer from external account to a Paynetics account are supported via the following payment systems: EUR: via SEPA and SEPA instant GBP: via Faster Payments and CHAPS USD: via SWIFT BGN: via BISERA Inbound transfers can be sent from external account in a couple of ways: If the account has IBAN or account number (for GBP) directly to the particular IBAN or account number In case you have selected an account to not have dedicated IBAN or account number the account can still receive inbound transfers. In this case the sender should send the funds to a Paynetics IBAN or account number and set the balance token to be credited in the reference/description field of the transfer. *Currently you can’t dedicate IBANs to Consumer USD accounts due to limited SWIFT transfer’s support. Business accounts with USD can receive inbound SWIFT transfers but can’t send such.
Outbound	EUR, BGN, GBP	Outbound transfer can only be sent from accounts with balances who have dedicated IBAN or account number. The supported payment systems for outbound transfers are: EUR: via SEPA and SEPA instant GBP: via Faster Payments BGN: via BISERA You can only send transfers in the currency of the account. You can send an EUR transfer from an EUR account, but you cannot send a transfer in GBP from this account. Not all outbound transfers are processed in real time. Depending on the payment system there might be delays between several seconds to several days. You can check the execution times for each payment system below.

Payment systems

EUR – SEPA and SEPA Instant

SEPA (Single Euro Payments Area). It is an initiative of the European Union to simplify and standardize payment transfers in EUR within the participating countries. SEPA covers the 27 EU member countries plus Iceland, Liechtenstein, Norway, Switzerland, Monaco, the UK, and San Marino.

SEPA instant transfers are executed within seconds if both the sender’s and recipients’ institution support SEPA instant. If not, it falls back to standard SEPA. SEPA instant is designed to work 24/7, 365 days a year.

Standard SEPA transfers are executed several times per day and the last cut-off is at 15:30PM CET. Payments issued during SEPA bank holidays are processed on the first business day after the bank holiday.

GBP – Faster Payments, CHAPS

For GBP transfers Faster Payments is the default payment system CHAPS are used when required.

Faster Payments allows customers to send and receive payments 24/7/365, with most payments being processed within seconds.

BGN – BISERA

Processing inbound and outbound payments in BGN is done through BISERA.

BISERA has several cut-off times per day, having the last one at 4PM EET. Payments issued during Bulgarian official bank holidays are processed on the first business day after the bank holiday.

Inbound BGN transfers are processed every 60 seconds. This allows close to instant reception of BGN transfers.

Confirmation of Payee (UK)

CoP request

For every outgoing transaction via Faster Payments which your customers attempt to make, you need to perform a CoP request via Paynetics. The CoP request must happen prior to the transaction and the transaction must not be executed until the results of the CoP request are presented to the customer and subsequently the customer has confirmed proceeding with the transaction.

It is possible that multiple CoP requests could be performed for a single transaction in cases where after performing a CoP request, the user subsequently edits the recipient details. Upon an edit of the recipient details, a new CoP request must be performed.

CoP response

For every incoming transaction via Faster Payments, Paynetics, on your behalf will provide CoP response to the requesting party. Your duty is to maintain updated customer details with Paynetics – such as names, account number and account type (business or personal).

CoP API endpoint

API endpoint: https://developers.paynetics.digital/#copDetails

The CoP endpoint is used only for performing CoP requests. For performing a CoP response, there is no need for an endpoint. The current version of the API endpoint is expected to evolve.

This endpoint has exposed the attribute token, the token of the CoP request, which corresponds to a Paynetics-generated unique ID of the CoP request. Paynetics will store each CoP request. We recommend that you also store each CoP request, using the same token. This will enable Paynetics to roll out additional functionality in the future.

Transfers API endpoint

API endpoint: POST /v2/transfers

Currently, the Transfers endpoint does not consume the attribute token described above (and available via the CoP endpoint). In the upcoming version of the Transfers endpoint, Paynetics will expose the attribute token, which will enable Paynetics to associate a transaction with a CoP request.

Transfers statuses

Rejected

Based on limits and risk checks a payment can be rejected. The reason for each rejected transfer can be found via the API and via your partner portal.

This status is final and cannot be changed.

Pending

Waiting to be processed or transmitted to the payment network but not processed yet.

Transactions in pending status can be cancelled via the API. Pending transactions are automatically cancelled in three days if not processed.

Cancelled

The payment was cancelled before being processed.

This status is final and cannot be changed.

Sent

When the transaction is processed.

This status is final and cannot be changed.

Returned

The payment was processed but the network or the receiving bank returned the payment. The reason for returned transfers can be found via the API and via your partner portal.

This status is final and cannot be changed.

Suspense Queue for inbound transactions

As part of your payment products configuration

Product Description

Paynetics Suspense Queue applies only to incoming transactions from third-party institutions. Paynetics Suspense Queue enables Partners to employ their compliance and fraud monitoring systems and processes by giving the ability to scan incoming transactions and decide if they want to return it to sender or let it be processed.

Supported Payment Rails and Currencies

The supported payment rails are SEPA Credit Transfer (SCT), SEPA Instant and Faster Payments (FPS).

Please, note, that if an incoming SEPA Instant transfer, upon review, is rejected, that transfer will be returned via SEPA SCT.

The supported transfer currencies are EUR and GBP.

Review Window

All transactions placed in Suspense Queue must be reviewed by the Partner within ten business days of entering the queue. Any transaction left in the queue after the tenth business day will be manually returned by Paynetics.

Reporting and reconciliation

You can track all transactions in the queue via API real-time.

Technical Integration

Prior to enabling Suspense Queue, Partners must have an approval of their compliance and fraud monitoring processes by Paynetics. Also, Partners must sign the relevant legal agreements. Once the agreements are signed, then you will be provided with access to your Sandbox Instance where you can carry on the integration. Following the integration, you will run a set of tests, to be validated by Paynetics, and you will be ready to move to production.

Transaction entering Suspense Queue

Based on instance level configuration the IWT will be placed in queue where external system can make decision what must have done with the transfer. The Paynetics System will automatically return the transfer in case the account is not found, closed, or blocked.

Once the transfer has been added into the queue, then the TRANSACTION.SUSPENDED webhook will be sent to external system with token (identifier) of the queue record. In case the webhook has not been received from the first time the system will try to resend it 3 more times. You can use the queue token for managing the lifecycle of each queue entry.

Retrieve ALL transactions in Suspense Queue

You can get a list of all transactions within the Suspense Queue (based on your pagination requirements) via the endpoint GET /v2/queue/{page}/{limit} of the Transfers API.

Retrieve single transaction in Suspense Queue

You can get a specific transaction within the Suspense Queue via the endpoint GET /v2/queue/{token} where the token is provided via the TRANSACTION.SUSPENDED webhook.

Accepting a transaction in Suspense Queue

You can accept a transaction, release it from the Suspense Queue and direct it for processing by Paynetics via the endpoint POST /v2/queue/{token}/process.

Declining a transaction in Suspense Queue

You can decline a transaction, release it from the Suspense Queue and direct Paynetics to generate a return via the endpoint DELETE /v2/queue/{token}/return.