Transfers

Overview

Transfers move money from a funding source to a funding destination. Both the source and destination consist of a customer and an external account. The customer can either be your enterprise, a person, or a business. The external account is a bank account associated with the customer. To initiate a transfer, you only need to specify the source and/or destination objects, enter the dollar amount and currency, and select the desired speed.

Before you can create a transfer, you must ensure that all of the customers and external accounts are in the appropriate state for the use case you want to use. See the list below to learn more about the different use cases available on Momentum.

Use Cases

• Payouts: Transfer funds from your platform to the external checking and savings accounts of your customers.
• Deposits: Transfer funds into the accounts your customers have created on your platform from their external checking or savings accounts.
• Account-to-account: Move funds between the external accounts of different customers or between external accounts of the same customer.
• Pay by Bank: Transfer funds from a person's external checking or savings accounts to a business for the purchase of goods or services.
• Disbursements : Transfer funds from a business’ external bank account to a person as payment for claims, settlements, or loyalty rewards.
• B2B Payments: Transfer funds to and from businesses' external bank accounts in exchange for goods or services.