Initiate a transfer between a source party and destination party.
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.
Source and destination
In the transfers API, the
source object tells Momentum where to pull funds from and the
destination object tells Momentum where to deliver funds.
Momentum only needs to know this information for external accounts - meaning those which are not within the Orum system. Therefore, for the payout use case, which pulls funds from your Orum ledger balance to deliver to an end-user's account, you only need to provide a
Note: For Payouts, it is important not to populate
source. If valid information is provided for both
destination, the transfer request will be executed as a deposit or account-to-account transfer, and funds will be pulled from the
source and pushed to the
|Pay by Bank*|
* Important Note
You must be configured for these use cases prior to use or your transfer request will result in an error. Reach out to your Orum representative for more details if you plan to incorporate this use case into your product.