Send BACS direct credit outbound payment [beta]

Send a <a href="https://www.moderntreasury.com/learn/what-is-bacs" target="_blank">Banking Automated Clearing System</a> (BACS) direct credit outbound payment.

BACS is a UK service that facilitates electronic money transfers between banks within a 3-day settlement cycle— Day 1 (submission), Day 2 (processing), and Day 3 (clearing/credit).

There are two main concepts in BACS:

1. Direct credit - A company can use this format to pay their employees.

2. Direct debit - When an electricity company charges their costumers recurrently it will have a subscription (called mandates). When a mandate is generated monthly, the originator creates a charge. When this charge comes to the client here at Pismo. Pismo then debits the customer account.

Both of these methods generate a cashin, cashout, and return.

For more information, refer to the BACS guide.

Notes:

• Participating accounts must be registered as a UK account

• In case of failure, the transaction is updated with status = CANCELLED and the status_reason field details why it failed.

• If the counterparty bank rejects the transaction, the transaction is still considered SETTLED and, when the provider webhook return is processed, a new BACS direct credit outbound return payment processed event is generated and the amount is credited back to the debtor's account.

• This endpoint generates a BACS direct credit outbound payment processed event.

{
  "reference": "Weekly money for Mom",
  "creditor_account": {
    "name": "Len Lease",
    "scheme_name": "iban",
    "identification": "AA00AAA000000000000000"
  },
  "currency": {
    "amount": 600,
    "code": "GBP"
  }
}

{
  "id": "1374f841568e4ff4b363b023c170ecdr",
  "status": "PROCESSING"
}