PayoutType

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Technical Definition

The PayoutType is an identifier that specifies the exact method for dispersing funds to a beneficiary in financial transactions. It is a fundamental field in quote and order creation requests, as it determines how the payment will be executed using a specific platform or transfer mechanism.

Here you can see all payout methods by country.

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Using PayoutType in Requests

When creating a quote, the PayoutType is used to define how the transfer to the beneficiary will be carried out. This field is assigned through the platformName parameter, which indicates the selected payout method. This ensures that the quote calculation is accurate, considering the characteristics and costs of the chosen method.

Example POST Request to Create a Quote

{
  "sourceCountry": "US",
  "sourceCurrency": "USD",
  "targetCountry": "VE",
  "targetCurrency": "VES",
  "amount": 1000,
  "payoutType": "BANK_TRANSFER",
  "amountType": "SOURCE"
}

In this example, the payoutType field specifies that the payout method is a bank transfer BANK_TRANSFER, which affects the exchange rate and applied fees.

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In Order Creation

In the context of an order, the PayoutType ensures that the payment is executed using the method defined in the previously created quote. The PayoutType must match the one defined in the quote for the transaction to be processed correctly.

Example POST Request to Create an Order

{
  "pogQuotationId": 90,
  "externalId": "order-12345",
  "senderNames": "John",
  "senderLastNames": "Doe",
  "beneficiaryNames": "Jane",
  "beneficiaryLastNames": "Smith",
  "payoutType": "BANK_TRANSFER",
  "paymentInstructions": {
    "bankName": "Banco Nacional",
    "accountNumber": "123456789"
  }
}

In this example, payoutType is essential to ensure that the funds are dispersed via a bank transfer, aligned with the previously established quote.

Technical Importance of PayoutType

› Consistency in Transactions:	The payoutType ensures that both the quote and the order execution are carried out using the same payout method, preventing errors and discrepancies.
› Payment Flow Optimization:	It allows the platform to automatically choose the most efficient and cost-effective payment routes based on the specified payout method.
› Precise Fee and Limit Configuration:	By defining the payoutType, the applicable fee rules and limits are automatically set during the creation of the quote and order.

Considerations

› Consistency between Quote and Order:	The payoutType used in the order must match the one specified in the quote to ensure the transaction’s validity.
› Regional Availability and Restrictions:	It is crucial to verify that the payoutType is available in the region and for the given currency, as this affects the feasibility of the transaction.

Important:

Using the PayoutType correctly is critical for the accuracy and efficiency of financial transactions within the payout ecosystem.