Account to Account

Overview

Account-to-Account transfer refers to the movement of funds between two accounts within the same financial institution or organization. Unlike external transfers that involve different banks or financial entities, internal transfers occur within the same banking system or organization. This process is seamless and quick, as the funds do not need to traverse external networks or go through interbank clearing processes.

📘

Account to Account transfer has to use managed sub accounts

Features

🚈 1. Instantaneous

Internal transfers are typically processed quickly, and in many cases, the funds are available for use immediately. This is because the financial institution doesn't need to interact with external entities for verification or settlement.

📉2. Lower or No Transaction Fees

Based on the fee schedule configuration, institutions offer internal transfers at little to no cost, especially when both accounts are held at the same bank. This can be advantageous for customers looking to move funds between their accounts without incurring significant fees.

⏰3. Scheduled Transfers

UniFi platforms allow users to schedule internal transfers for future dates. This feature is useful for automating recurring payments.

Account to Account Transfer Flow

1. List managed bank sub-accounts and choose one as an account that money transfers from

Use this endpoint From Accounts to get all the managed sub-accounts of the payer. The platform will validate if the account is ready to make transactions.

2. List managed bank sub-accounts and choose one as an account that money transfers to

Use this endpoint To Accounts to get all the managed sub-accounts of the payee. The platform will validate if the account is ready to make transactions.

3. Make money transfers between two managed bank-type sub-accounts

Use this endpoint Internal Pay to transfer the money, it is a real-time transaction.

Use Case

Internal transfers are commonly used for various purposes, including moving money between checking and savings accounts.

API Endpoint

The create Account to Account Transaction API endpoint is:

http://api-dev.accelerationcloud.com/api/v1/cores/money-movements/account-to-account

HTTP Method

Use the HTTP POST method to initiate an account-to-account payment request.

Request Headers

Include the following headers in your API request:

Authorization: Provide your API key/token for authentication.
Content-Type: Set this to application/json to indicate the request body format.

Request Body

The request body should be a JSON object with the following fields:

• payer_account: The sub account id of the payer (from) account.
• payee_account: The sub account id of the payee (to) account.
• amount: The amount of the payment.
• memo: An optional memo or description for the payment.
• schedule_date: default is today, and could set up a future date

Example request body:

{
  "payeeId": "12X3456789",
  "payerId": "22X311AC13",
  "amount": "123",
  "memo": "This is checking to saving account transfer",
  "schedule_date":"11/11/2023"
}

Response Format

The response will be in JSON format and will include information about the cancellation request status.

Example response:

{
  "status": "success",
  "message": "transaction create successfully",
  "transaction_id": "123456789"
}