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 or Virtual Account to a Payee.
Payments Object
| Attribute | Description | Format/Enum |
|---|---|---|
| id string | Unique identifier of the payment. | e.g. pmt_nx83lr41ov7dy5va2g |
| fromId string | Identifier of the source entity of the payment, which will usually belong to a Fiat Account, Virtual Account or Payer. | e.g. fac_94olbe12noe18k23yp |
| from object | SCHEDULED FOR DEPRECATION AND REPLACED BY fromIdSource entity of the payment. | |
| toId string | Identifier of the destination entity of the payment, which will usually belong to a Fiat Account, Virtual Account or Payee. | e.g. pye_klegpmn06ep7ry2bvo |
| to string | SCHEDULED FOR DEPRECATION AND REPLACED BY toIdDestination entity of the payment. | |
| direction string | Direction of the payment. | PAYIN, PAYOUT, TRANSFER |
| reference string | Reference received or sent with the Payment. | e.g. deposit |
| amount string | Amount of the payment in 2 decimal places. | e.g. 121.21 |
| currency string | Currency of the payment. | Three-letter ISO 4217 code e.g. GBP, EUR , USD |
| paymentScheme string | The payment scheme used for the payment. | FPS, CHAPS, SCT, EAGLE_NET_TRANSFER. |
| status string | Status of the payment. | CREATED, PROCESSING, COMPLETED, RETURNED, COMPLIANCE_REVIEW, FAILED, REJECTED |
| createdAt integer | Epoch timestamp at which the object was created. | e.g. 1637593856104 |
| updatedAt integer | Epoch timestamp at which the object was last updated. | e.g. 1637593856104 |
| metadata string | Additional data in JSON key:value format. | See Metadata for more information. |
When you create an external payment from a Fiat 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.
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. |