Payments on Fiat Republic can be both internal and external. Internal payments are created between 2 Fiat Accounts while external payments are created from a Fiat Account / Virtual Account to a Payee.

When you create an external payment from a Fiat Account or Virtual Account to a Payee, the amount will be reserved until the Payment is completed. Upon completion, the reserved amount will be debited and a transaction will be posted on the relevant Fiat Account.

Payments can be made via several Payment Schemes. This will continue to expand as we add more banking partners to our platform.

Payment Statuses

Payment Status

Description

CREATED

The payment has been created and will be submitted to the banking provider subject to compliance checks.

COMPLIANCE_REVIEW

The payment has been created but some automated compliance checks are not yet complete. Our compliance team may reach out to you for additional information on such payments.

For payins, this provides visibility of funds having been received but not yet credited on the relevant Fiat Account. This is useful for informing your users should they contact you regarding a missing deposit.

PROCESSING

The payment has been submitted to the banking provider for execution.

COMPLETED

The payment has been successfully processed by the banking provider. At this point, the payment has been instructed to the scheme and does not necessarily mean that it has been received by the Payee. Processing times vary depending on scheme.

RETURNED

Payouts that were returned by the Payee's bank and we were able to successfully identify and reconcile the payment as a return.

If a previously Completed payment is Returned, a separate credit transaction of type RETURN will be created on the relevant account.

REJECTED

The payment was rejected by Fiat Republic for compliance reasons.

FAILED

There was an issue with the Payment and it was failed either by Fiat Republic or by the banking provider. This can be for reasons such as incorrect Payee bank details, Payee's bank account being closed etc.


Did this page help you?