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.

More information on payment cancelation: How to cancel a payment

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