Transactions

PayCredit processes transactions and adds them to the PayCredit ledger. These transactions can include:

• Scheme transactions received from Banking.Live through the FAST interface.
• PayCredit generated transactions such as fees and interest.
• Client transactions sent direct to PayCredit such as repayment notification, external fees and financial adjustments.

All transactions are recorded within PayCredit and the status can be:

• Pending
• Settled
• Reversed
• Cancelled

At a high level transactions are processed as follows:

1. Transactions are identified based on an account_id included in the message.
2. Authorization transactions are authorized based on available funds in the account (balance limit - balance authorized). In most cases, authorization transactions are Pending.
3. Presentment transactions update existing Pending transactions to Settled status (when there is a corresponding authorized transaction).
4. Settlement of a transaction triggers updates to the PayCredit ledger.
5. Transaction data is recorded.

PayCredit transaction types

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You can read more on these transaction types through the links below:

• Scheme transactions
• PayCredit transactions
• Client transactions