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
π 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.
π2. 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.
β°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"
}
Updated 10 months ago