Bank Transfer

This section outlines the parameters required for processing payments to bank accounts. All bank account transfers follow a standard format: you make a POST request to our Payout API. However, depending on the beneficiary type and account currency, you may need to provide additional information.

How Bank Transfers Work

The Fincra Bank Transfer service follows a standard process:

API Request: You make a POST request to the Payout API with the required parameters
Beneficiary Details: You provide information about the recipient based on currency and destination requirements
Transaction Processing: Fincra validates the information and processes the transfer
Confirmation: You receive a response with transaction identifiers (id and reference)
Status Tracking: You can monitor the transaction status (only retry if status is failed)
Settlement: Funds are delivered to the recipient's account according to the timeline for that currency

Common Use Cases

Vendor Payments: Automate payments to suppliers and service providers
Salary Disbursements: Process payroll for employees across multiple regions
Customer Refunds: Return funds to customers through their bank accounts
Affiliate Payouts: Make commission payments to partners and affiliates
Cross-Border Transactions: Send funds internationally with support for multiple currencies
Marketplace Seller Payouts: Distribute earnings to sellers on e-commerce platforms
Loan Disbursements: Deliver approved loan amounts directly to borrowers' accounts

Bank Transfer Properties by Currency

Features	NGN	GHS	KES	UGX	ZAR	USD	EUR	GBP
Same currency transfer	✅	✅	✅	✅	✅	✅	✅	✅
Cross-currency transfer	✅	✅	✅	✅	✅	✅	✅	✅
KYC documentation required	❌	❌	❌	❌	❌	✅	✅	✅
Settlement time	Instant	1-2 hours	1-2 hours	1-2 hours	1-2 hours	1-2 days	1-2 days	1-2 days
Bank code required	✅	✅	✅	✅	✅	❌	❌	✅
Sort code required	❌	❌	❌	❌	❌	✅	❌	✅
IBAN support	❌	❌	❌	❌	❌	❌	✅	❌
Individual transfers	✅	✅	✅	✅	✅	✅	✅	✅
Corporate transfers	✅	✅	✅	✅	✅	✅	✅	✅
Webhook notifications	✅	✅	✅	✅	✅	✅	✅	✅
API availability	✅	✅	✅	✅	✅	✅	✅	✅
Minimum transfer amount	100	5	100	1000	10	1	1	1

Common Details

First, let's review the essential information required for all account types. You must provide the following details:

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	A simple description of payment e.g "From Daniella”
paymentDestination	Yes	String	This is the type of account you want to send your payments to, see payment destinations for more details.
customerReference	Yes	String	The transaction's unique identifier on your system. Customer references prevent duplicate transactions. We advise that you add it to your payload
quoteReference	No	String	This is the reference generated when the source currency is compared against the destination currency.This is required for cross-currency payouts. You can generate a quote using the Generate quote endpoint.
sender	No	Object	The details of the customer initiating the payout
sender.name	No	String	The customer's full name. This name would show up in the transfer narration.
sender.email	No	String	The customer's email.

NGN Pay-Outs

In addition to the common details needed to process successful payments, the following fields are also required when sending money to a bank account in Nigeria.

Field	Mandatory	Type	Description
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.type	Yes	String	The type of beneficiary, see beneficiary types for more details
beneficiary.country	No	String	The country in which the bank of the beneficiary is located. This field should be according to ISO 3166-1 alpha-2 codes standards e.g NG, GB
beneficiary.email	No	String	The beneficiary's email
beneficiary.bankCode	Yes	String	The beneficiary bank code. To get the bank code please see the list banks endpoint codes for more details.

The payload should look like this :

{
    "amount": 5070,
    "beneficiary": {
        "accountHolderName": "Customer Name",
        "accountNumber": "17874878234",
        "bankCode": "044",
        // "country": "NG",
        "firstName": "Customer",
        "lastName": "Name",
        "type": "individual"
    },
    "business": "{{Your Business ID}}",
    "customerReference": "{{$randomUUID}}",
    "description": "Test",
    "destinationCurrency": "NGN",
    "paymentDestination": "bank_account",
    "sourceCurrency": "NGN",
    "sender":{
        "name":"Customer Name",
        "email":"[email protected]"
    }
}

{
    "business": "{{Your business ID}}",
    "sourceCurrency": "NGN",
    "destinationCurrency": "NGN",
    "amount": "1000",
    "description": "i want to pay my vendor",
    "paymentDestination": "bank_account",
    "customerReference": "{{$randomUUID}}",
    "quoteReference": "1330bd3c-1e09-4c1c-887f-7f1d72ff905e",
    "beneficiary": {
        "firstName": "Hassan",
        "lastName": "Sarz",
        "accountHolderName": "Hassan Sarz",
        "country": "NG",
        "phone": "0803443433",
        "accountNumber": "0124775489",
        "type": "corporate",
        "email": "[email protected]",
        "bankCode": "058"
    }
}