Payment Products and Services
General information
You can find a full explanation from the Berlin-Group definition at XS2A OpenAPI Reference.
The payment products and services are related to the dynamic URL parts of /v1/{payment-service}/{payment-product}.
Please note, not all payment products may be supported by the bank.
Please inquire with the bank directly if you have questions regarding the payment products they support.
Payment Services
The payment-service is the first part of the payment URL and defines the type of payment in terms of single transfer, periodic transfer, or bulk transfer.
This table shows the supported services:
payment-service | Description |
|---|---|
| Single payments |
| Periodic, recurring payments |
| Bulk payments |
Payment Products
payment-product is the second dynamic part of the URL and defines the kind of payment.
payment-product | Description |
|---|---|
| SEPA payment(s) |
| Instant SEPA payment(s) |
| Target-2 payment(s) |
| Cross Border payment outside the SEPA zone |
Instant Payments
The finAPI XS2A Server supports Instant Payments relying on the SEPA credit transfer scheme.
The Server is designed to enable financial institutions to meet the requirements of the EU Instant Payment Regulation through their PSD2 interface.
Initiate an Instant Payments:
To initiate an instant payment, the payment-product in the header must be set to instant-sepa-credit-transfers.
More information on payment initiation: Initiation and Authorisation of a Payment in Steps
Cancel an Instant Payment:
Payment cancellation is available only in the cases where a payment authorisation is not yet completed, i.e. payment status is not set to ACTC.
Since for instant payments the payment is authorised and settled within 10s, the payment cancellation will be limited.
More information on payment cancelation:
Verification of Payee:
The EU Instant Payment Regulation also mandates the introduction of a "Verification of Payee" (VoP) service. More specifically, it requires a payer’s PSP to offer a service ensuring verification of the payee to whom the payer intends to send a credit transfer (Art 5c). The verification service must be available regardless of the payment initiation channel used by the payer.
Complementary to the XS2A Server, finAPI will offer a Verification of Payee Service which follows the technical standards proposed by leading market players (including the European Payments Council rulebook)
For more information on how to integrate the Verification of Payee Service and how to leverage the full potential of Instant Payments, contact us at support@finapi.io