Deposits

Transfer funds onto your platform from a customer's external checking or savings accounts.

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Pre-requisite

Set up your sandbox enterprise account

Overview

This use case enables a customer to transfer money onto your platform. Your customer's external account is the funding source and your platform is the funding destination.

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Key Steps

1. Authenticate to Momentum.

Use the /authenticate and /refresh endpoints.

2. Create a customer and an associated external account, which will be the funding source.

Use the POST /persons or POST /businesses endpoint to create the customer and the POST /external/accounts endpoint to create the external account.

  • It will take ~30 seconds to verify the customer - the external account can be created while verification is occurring.
  • If you are using your own account verification provider (BYO-AVS), the external account will be automatically verified.

3. Ensure you have created your enterprise's external account, which will be the funding destination.

Follow the guide here.

  • Pass your enterprise's id, provided to you by Orum, in the customer_reference_id to associate the external account with your enterprise.
  • Set the customer_resource_type to "enterprise"
  • The external account will be automatically verified.

4. Transfer funds from the source to the destination.

Use the POST /transfers endpoint to create the transfer.

  • All Persons or Businesses and External Accounts must be in a verified state before the transfer can be created.