The Payments Object

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 to a Payee.

When you create an external payment from a Fiat 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.

Payment Schemes

Payments can currently be made via the following payment schemes. This will continue to expand as we add more banking partners to our platform.

Payment Scheme	Description	Currency	Limits	Settlement Time
`FPS`	UK Faster Payments	GBP	GBP 1M per Payment	Instant 24/7/365
`CHAPS`	UK CHAPS	GBP	No limits	2 - 3 hours ( on business days only)
`SCT`	SEPA Credit Transfer	EUR	No limits	2 - 3 hours ( on business days only)
`EAGLE_NET_TRANSFER`	Internal Transfers between 2 Fiat Accounts in the same currency.	All Currencies	No limits	Instant 24/7/365

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 incoming payments, this provides visibility of funds having been received but not yet credited on the relevant Fiat Account.
`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.