Standing orders
A Standing Order is a mechanism to schedule outgoing recurring SEPA Credit Transfers. When you set up a Standing Order a consent is required. Then, transfers will be executed depending on your rules without requiring any consent or action from a user.
There are two types of Standing Orders :
- 1.fixed amount: choose a recurring transaction amount regardless of the available account balance. Example: Transfer 500€ each month to pay a provider.
- 2.target balance: choose a target amount for the available balance after a transaction. Example: Once a day, transfer everything above 1 000€ to another account.
Only a pre-authorized member with the
canInitiatePayments
right can perform the scheduleStandingOrder
mutation. When setting the Standing Order, the member can choose:
amount
(nullable) : transfer a fixed amounttargetAvailableBalance
(nullable) : the amount that should remain on the account after the transferperiod
: choose the recurrence of the transfer.firstExecutionDate
(nullable)sepaBeneficiary
: the transfers beneficiary
Amount
and targetAvailableBalance
can't be used at the same time for one Standing Order.The mutation will create a Standing Order in
ConsentPending
status.
Standing order state diagram
Once created, you'll be able to consult the
standingOrder
list for an account
. Once executed, you'll be able to consult the standingOrder
of a payment
and vice versa.A Standing Order can be canceled by a member with the
canInitiatePayments
right, by calling the mutation cancelStandingOrder
.Beware that canceling a Standing Order will not cancel the associated transactions if they are already in process.
Last modified 4mo ago