Transfers

Transfers enable the movement of funds between external accounts, from a specified source to a designated destination. To initiate a transfer, you only need to specify the source and destination objects, enter the dollar amount and currency, and select the desired speed.

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.

Statuses

In Momentum, a transfer can have one of the following statuses, indicated by the status field.

• Created - A transfer was created.
• Pending - A transfer is currently being processed by Orum.
• Completed - A transfer request has been submitted to the payments network. This does not necessarily indicate the successful delivery of funds to the customer. Use the estimated funds delivery date to know when the funds will land in the destination account.
• Failed - A transfer failed. The failure could have occurred either in Orum's system or at the processor. Refer to the status reason for more information.

The diagram below shows how a transfer can move through the above statuses. Note that a transfer can move from Completed to Failed if it was sent on the ACH network and a return occurs. To learn more about why a transfer is in the Failed state, refer to the status_reason field in the API response.