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Outbound Transfers

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Pre-Requisites

Synctera’s implementation team will create a settlement account where the outgoing SyncteraPay transactions will be held until the bulk wire is released. Additionally, an external account will be created on behalf of the third-party vendor.

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Step 1: Send an outgoing transaction

Create a transaction (POST - https://api.synctera.com/v1/synctera\_pay) when the fintech is looking to record 1_ transactions on the Synctera ledger and move funds to the third-party vendor. If successful, this means that the transaction has passed all the checks and balances, and can be committed with the third-party provider. Example:
Plain text
// request

curl --request POST \
     --url https://api.synctera.com/v1/synctera_pay \
     --header 'accept: application/json' \
     --header 'content-type: application/json' \
     --data '
  {
    "amount": 10000,
    "currency": "USD",
    "dc_sign": "DEBIT",
    "effective_date": "2022-03-18",
    "customer_id": "{{Customer}}",
    "account_id": "{{Customer DDA}}",
    "direction": "OUTGOING",
    "synctera_pay_network": "Wire",
    "subtype": "OUTGOING_INTERNATIONAL_REMITTANCE",
    "synctera_pay_vendor_id": "7d943c51-e4ff-4e57-9558-08cab6b963c7"
  }
Plain text
// response
 {
   "id": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
   "amount": 10000,
   "currency": "USD",
   "dc_sign": "DEBIT",
   "effective_date": "2022-03-18",
   "customer_id": "{{Customer}}",
   "destination_account_id": "{{Vendor}}",
   "originating_account_id": "{{Customer DDA}}",
   "direction": "OUTGOING",
   "synctera_pay_network": "Wire",
   "subtype": "OUTGOING_INTERNATIONAL_REMITTANCE",
   "synctera_pay_vendor_id": "7d943c51-e4ff-4e57-9558-08cab6b963c7",
   "status": "PENDING",
   "transaction_id": "45b5246f-ad97-4629-9aac-465b74a05505",
   "reference_id": "d8536d12-4780-4de6-b6b0-638638985f2c",
   "failed": false,
   "suspended": false
 }

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​​Step 2: Transaction Posted

Use PATCH - /v1/synctera_pay/ to update the status to POSTED to show that funds have left the customer DDA and are in-transit to the third-party vendor. Funds will be held in the “SyncteraPay Outgoing Settlement Account” prior to being sent to third-party vendor.
Plain text
curl --request PATCH \
     --url https://api.synctera.com/v1/synctera_pay/45b5246f-ad97-4629-9aac-465b74a05505 \
     --header 'accept: application/json' \
     --header 'content-type: application/json' \
     --data '{"status":"POSTED"}'

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​​Step 3: Daily Bulk Settlement with the Third-Party Vendor

At the sponsor bank’s wire cutoff time, the Synctera platform will create a bulk domestic wire and transfer the funds to the third-party vendor, from the “SyncteraPay Outgoing Settlement Account”.

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​​Step 4: Send Reconciliation File to Synctera

The FinTech will need to send an end-of-day reconciliation file in a standardized SyncteraPay format for all SyncteraPay Transactions that the FinTech submitted. Each SyncteraPay transaction needs to be included once in the Reconciliation file. Synctera will use this information to reconcile against the detailed customer postings. Please review the file format and let us know if the FinTech team can export transaction information from the third-party vendors. We will need a file per vendor. SyncteraPay Transactions Template V03.xlsx

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Inbound Transfers

[Under development]