Initiating Payment

Currently, the Elavon API supports payment initiation for the following transaction categories:

• Single Immediate Payments

• Future-dated Payments

• Recurring Payments (Standing Orders)

Each flow is covered in more detail in the topics links above. But, before delving deeperinto the payment flows, there are some general concepts with which to become familiar.

In the parlance of Open Banking, "payments" are often referred to as "transfers" because the user 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, a TPP passes this information to the bank at the time of payment initiation. Money can be moved by the bank via domestic payment systems, SEPA SCT , or the cross-border payment systems supported.

Supported Payment Systems (Rails)

The following table lists the various payment systems currently supported by the Elavon API and the respective routing information required.

Restricting Beneficiary Accounts

 

 

Transfer destinations 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:

1. Sign in to the Dashboard and select Beneficiary under Settings.
   The List of Accounts is displayed; initially, your list will be empty until you make some entries. Here you can Add, Modify and Delete accounts.
2. Add an account by clicking the Add button, then enter the required information: Account Name, Currency, Country, Account Type, and IBAN. BIC is optional.
3. 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.