EURO Payouts (SEPA, SEPA instant)
This section covers the parameters needed to process payments to bank accounts in Europe
Understanding the sections below is required to fully comprehend how the payout API works.
SEPA AND SEPA Instant Transfers
The processing parameters that are required to process payments to European accounts using the SEPA or SEPA Instant payment schemes are explained in this section.
Notes
- Please be advised that payments made using SEPA can take up to a day to reach their intended recipient, but payments made using SEPA Instant are usually received within 10 seconds.
To make payments you will need to send the required parameters to the payout endpoint
Individual Beneficiary
| Field | Mandatory | Type | Description |
|---|---|---|---|
| business | Yes | string | The ID of the business making the payout. |
| sourceCurrency | Yes | string | The currency which is used to fund the payout |
| destinationCurrency | Yes | string | The currency in which the recipient will be receiving funds |
| amount | Yes | string | The value that is to be transferred from the source currency wallet. |
| description | Yes | string | The description of the payout |
| paymentDestination | Yes | string | This is the type of account you want to send your payments to, see payment destinations for more details |
| customerReference | No | string | This is the unique reference generated for the transaction on your platform. |
| quoteReference | No | string | This is the reference generated when the source currency is compared against the destination currency. This is required when the source currency is not the same as the destination currency. You can generate a quote using the Generate quote endpoint. |
| beneficiary | Yes | object | The recipient of the funds. Depending on the currency and beneficiary type, the properties of the beneficiaries are different. |
| beneficiary.firstName | Yes | string | The first name of the beneficiary . |
| beneficiary.lastName | Yes | string | The last name of the beneficiary . |
| beneficiary.accountHolderName | Yes | string | This field is required by all type of beneficiaries. |
| beneficiary.accountNumber | Yes | string | This is the bank account number of the beneficiary or phone number if the account is a mobile money wallet. |
| beneficiary.type | Yes | string | The type of beneficiary, see beneficiary types for more details |
| beneficiary.country | Yes | string | The country in which the beneficiary resides. |
| beneficiary.email | No | string | The beneficiary's email |
| beneficiary.bankSwiftCode | No | string | The bank swift code according to ISO9362 . These two letters indicate the country where the bank is located.e.g UBSWCHZH80A |
| beneficiary.sortCode | No | string | Sort codes are the domestic bank codes used to route money transfers between financial institutions in the United Kingdom, and in the Republic of Ireland. e.g 000000 |
The payload should look like this :
{
"business": "{{The business ID}}",
"sourceCurrency": "EUR",
"destinationCurrency": "EUR",
"amount": "1000",
"description": "i want to pay my vendor",
"paymentDestination": "bank_account",
"beneficiary": {
"firstName": "Hassan",
"lastName": "Sarz",
"accountHolderName": "Hassan Sarz",
"country": "NG",
"phone": "0803443433",
"accountNumber": "0124775489",
"type": "individual",
"email": "[email protected]",
},
"paymentScheme": "sepa",
"quoteReference": "d187b2fa-27cd-43e6-b622-66361e409c6d"
}
{
"business": "{{The business ID}}",
"sourceCurrency": "EUR",
"destinationCurrency": "EUR",
"amount": "1000",
"description": "i want to pay my vendor",
"paymentDestination": "bank_account",
"beneficiary": {
"firstName": "Hassan",
"lastName": "Sarz",
"accountHolderName": "Hassan Sarz",
"country": "NG",
"phone": "0803443433",
"accountNumber": "0124775489",
"type": "individual",
"email": "[email protected]",
},
"paymentScheme": "sepa_instant",
"quoteReference": "d187b2fa-27cd-43e6-b622-66361e409c6d"
}
Corporate Beneficiary
| Field | Mandatory | Type | Description |
|---|---|---|---|
| business | Yes | string | The ID of the business making the payout. |
| sourceCurrency | Yes | string | The currency which is used to fund the payout |
| destinationCurrency | Yes | string | The currency in which the recipient will be receiving funds |
| amount | Yes | string | The amount to be sent.This should be in larger units |
| description | Yes | string | The description of the payout |
| paymentDestination | Yes | string | This is the type of account you want to send your payments to, see payment destinations for more details |
| customerReference | No | string | This is the unique reference generated for the transaction on your platform. |
| quoteReference | No | string | This is the reference generated when the source currency is compared against the destination currency. This is required when the source currency is not the same as the destination currency. You can generate a quote using the Generate quote endpoint. |
| beneficiary | Yes | object | The recipient of the funds. Depending on the currency and beneficiary type, the properties of the beneficiaries are different. |
| beneficiary.accountHolderName | Yes | string | This field is required by all type of beneficiaries. |
| beneficiary.accountNumber | Yes | string | This is the bank account number of the beneficiary or phone number if the account is a mobile money wallet. |
| beneficiary.type | Yes | string | The type of beneficiary, see beneficiary types for more details |
| beneficiary.country | Yes | string | The country in which the beneficiary resides. |
| beneficiary.email | No | string | The beneficiary's email |
| beneficiary.bankSwiftCode | No | string | The beneficiary's bank swift code according to ISO9362 . e.g UBSWCHZH80A |
| beneficiary.sortCode | No | string | The beneficiary's bank sort code. Sort codes are the domestic bank codes used to route money transfers between financial institutions in the United Kingdom, and in the Republic of Ireland. e.g 000000 |
The payload should look like this :
{
"business": "{{The business ID}}",
"sourceCurrency": "EUR",
"destinationCurrency": "EUR",
"amount": "1000",
"description": "i want to pay my vendor",
"paymentDestination": "bank_account",
"beneficiary": {
"accountHolderName": "Hassan Sarz",
"country": "NG",
"phone": "0803443433",
"accountNumber": "0124775489",
"type": "individual",
"email": "[email protected]",
},
"paymentScheme": "sepa",
"quoteReference": "d187b2fa-27cd-43e6-b622-66361e409c6d"
}
{
"business": "{{The business ID}}",
"sourceCurrency": "EUR",
"destinationCurrency": "EUR",
"amount": "1000",
"description": "i want to pay my vendor",
"paymentDestination": "bank_account",
"beneficiary": {
"accountHolderName": "Hassan Sarz",
"country": "NG",
"phone": "0803443433",
"accountNumber": "0124775489",
"type": "individual",
"email": "[email protected]",
},
"paymentScheme": "sepa_instant",
"quoteReference": "d187b2fa-27cd-43e6-b622-66361e409c6d"
}
Updated almost 2 years ago