API Console
Executive Summary
Customers can issue standing orders to the bank. In most cases this is for the execution of a periodical payment, but there are other standing instructions like, sweeping balances at end of month, topping off excess funds for a current account, etc.
Examples of Use
– A customer issues a standing order for his or her monthly apartment rent amount to be paid to the landlord.- A customer issues an instruction for any balance amount above 5,000 on his current account to be transferred to his savings account at EOD.- A customer establishes a regular standing order for a critical monthly payment. They select their current account as the primary source of funds and their savings account as the backup account.
Role Definition
Customers can issue standing orders to the bank. In most cases this is for the execution of a periodical payment, but there are other standing instructions like, sweeping balances at end of month, topping off excess funds for a current account, etc. All Standing Orders have a certain periodicity. The Standing Order Service Domain is responsible for generating payment orders on each due date.
Related Business Scenarios
EXT Handle Request to Establish Credit Transfer Standing Order on Corporate Current AccountCore Business Object
Key Features
- – Record a standing order details and mechanism
- – Maintain details of a standing order through its lifetime
- – Provide details for the creation of
- – Support the periodic update of standing order instructions
- – Initiate the standing order periodical payment instruction
payment orders for a balance sweep