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Multi API v3.19.0

· 2 min read
Maria Stellini

OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. information in the managed accountManaged Account An account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. statement​

The activity statement for managed accountsManaged Account An account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. in the innovator portal now contains additional information for Outgoing Wire TransfersWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP).:

  • BeneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. name
  • BeneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. account
  • BeneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. bank code
  • Reference/description

Most of the above information, apart from the description, was already available in the GET a managed accountManaged Account An account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. statement API; this has now been added as well. When retrieving a managed accountManaged Account An account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr. statement, for records of transactionId.type = OUTGOING_WIRE_TRANSFER, we now share the payment ‘description’ (that was entered by the user when making the payment), under additionalFields = description

Affected APIs:

  • GET /managed_accounts/\{id\}/statement

Strong Customer Authentication for SendsSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary.​

As part of our continued compliance with Strong Customer Authentication (SCASCA Strong Customer Authentication - a two-factor authentication solution required by PSD2 regulations for when end-users are accessing their payment account sensitive information or initiating transactions. SCA requires at least two of the following: something you know (password), something you have (device), or something you are (biometrics).) requirements, two-factor authentication will be extended to also include SendsSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary.. This can be challenged using OTP via SMS. More authentication methods will be coming soon.

In the meantime we are planning to introduce some exemptions such as the low-value to reduce the number of the challenges required as allowed by the regulation. The exemption will work out of the box.

We will soon be reaching out directly and providing dedicated information to help you upgrade your integration and incorporate SCASCA Strong Customer Authentication - a two-factor authentication solution required by PSD2 regulations for when end-users are accessing their payment account sensitive information or initiating transactions. SCA requires at least two of the following: something you know (password), something you have (device), or something you are (biometrics). processes in your product. In the meantime, you can have a look at our documentation here.