Standing orders

Introduction

A Standing Order is a mechanism to schedule outgoing recurring transfers.

While a recurring transfer is being scheduled a consent is required. Then, transfers will be executed depending on the rules.

Schedule a Standing Order

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 amount

  • triggerAvailableBalance (nullable) : the required threshold to trigger the transfer

  • targetAvailableBalance (nullable) : the amount that should remain on the account after the transfer

  • period : choose the recurrence of the transfer.

  • firstExecutionDate (nullable)

  • sepaBeneficiary : the transfers beneficiary

The mutation will create a Standing Order in ConsentPending status.

Standing order state diagram

Once created, you'll be able to consult the list of standingOrder for an account. Once executed, you'll be able to consult the standingOrder of a payment and vice versa.

Cancel a Standing Order

A Standing Order can be canceled by a member with the canInitiatePayments right, by calling the mutation cancelStandingOrder.