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
canInitiatePaymentsright can perform the
When setting the Standing Order, the member can choose:
amount(nullable) : transfer a fixed amount
targetAvailableBalance(nullable) : the amount that should remain on the account after the transfer
period: choose the recurrence of the transfer.
sepaBeneficiary: the transfers beneficiary
targetAvailableBalancecan't be used at the same time for one Standing Order.
The mutation will create a Standing Order in
Standing order state diagram
Once created, you'll be able to consult the
standingOrderlist for an
account. Once executed, you'll be able to consult the
paymentand vice versa.
A Standing Order can be canceled by a member with the
canInitiatePaymentsright, by calling the mutation
Beware that canceling a Standing Order will not cancel the associated transactions if they are already in process.