Transfers

Transfers refer to the movement of funds from one account to another, either at the same bank or different institutions.

Individuals leverage transfers for personal finance needs like sending money to friends and family. Businesses rely on transfers for vital cash flow through activities like supplier payments, payroll, and moving money between internal accounts.

Transfers enable convenient money movement domestically within a country, internationally across borders, peer-to-peer, and between commercial entities.

The delivery speed, cost structure, and capabilities differ across transfer types based on elements like destination, currency, amount, and method utilized, ranging from instant intrabank transfers to multi-day cross border wire transfers. Overall, transfers provide essential money sharing and liquidity management functionality.

Intrabank transfers

Intrabank transfers involve the movement of funds between accounts held within the same financial institution. This type of transaction occurs exclusively within the internal banking system, enabling customers to transfer money seamlessly between their own accounts without involving external banks.

Lume tranfers capabilities

For clients with a Remote Store of Value Lume product, you manage transfers within your own system.

For clients with a Local Store of Value Lume product, you can utilize Lume API's for transfers between cards within your card program(s) hosted on Lume.

This is performed by using the Transfer Funds v2 API endpoint, whick allows for the movement of funds between two accounts or tokens hosted on the Lume platform.

If you wish to enable this capability you will need to integrate with the Transfer Funds v2 endpoint.