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

AttributeDescriptionFormat/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 fromId
Source 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 toId
Destination 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 SchemeDescriptionCurrencyLimitsSettlement Time
FPSUK Faster PaymentsGBPGBP 1M per PaymentInstant 24/7/365
CHAPSUK CHAPSGBPNo limits2 - 3 hours ( on business days only)
SCTSEPA Credit TransferEURNo limits2 - 3 hours ( on business days only)
EAGLE_NET_TRANSFERInternal Transfers between 2 Fiat Accounts in the same currency.All CurrenciesNo limitsInstant 24/7/365

Payment Statuses

Payment StatusDescription
CREATEDThe payment has been created and will be submitted to the banking provider subject to compliance checks.
COMPLIANCE_REVIEWThe 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.
PROCESSINGThe payment has been submitted to the banking provider for execution.
COMPLETEDThe 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.
RETURNEDPayouts 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.
REJECTEDThe payment was rejected by Fiat Republic for compliance reasons.
FAILEDThere 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.