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EUR OWT with Verification of Payee

This guide walks through the steps to create and execute an EUR Outgoing Wire TransferWire 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). (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.) with a Verification of PayeeVerification of Payee The EU equivalent of Confirmation of Payee (CoP). A service that validates the name of a payment beneficiary against the IBAN registered with their bank or Payment Service Provider (PSP) before a SEPA payment is executed. (VoP) check.

The flow follows the same pattern as CoP for GBP OWTs, with two important differences:

  • VoP results include a Not Possible outcome in addition to Match, Close Match, and No Match.
  • The /confirm step is always required for EUR OWTsOWT 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.-including when sending to a linked account.

Overview of the flow​

  1. Create 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. → VoP check performed automatically
  2. Review validationOutcomes in the response
  3. Display result to end-user
  4. Act on the result: accept suggested name, enter new name, confirm, or cancel
    • Accepting a suggested name or entering a new name re-runs the VoP check-return to step 3

Step 1: Create the OWT​

Create the 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. using the standard endpoint. We automatically perform a VoP check against the 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.'s IBANIBAN International Bank Account Number - a standardized international bank account identifier. Managed accounts can be assigned an IBAN to enable wire transfers to and from bank accounts outside of Weavr. IBANs are required for EUR accounts and enable SEPA transfers. at the point of creation.

POST/outgoing_wire_transfersTry it 
{
  "profileId": "string",
  "tag": "string",
  "sourceInstrument": {
    "type": "managed_accounts",
    "id": "string"
  },
  "transferAmount": {
    "currency": "str",
    "amount": 0
  },
  "description": "string",
  "destinationBeneficiary": {
    "name": "string",
    "type": "PERSONAL",
    "address": "string",
    "bankName": "string",
    "bankAddress": "string",
    "bankCountry": "st",
    "bankAccountDetails": {
      "iban": "stringstringstr",
      "bankIdentifierCode": "stringst"
    },
    "nationality": "st",
    "dateOfBirth": "2019-08-24"
  },
  "scheduledTimestamp": "string"
}

Example request body​

{
  "profileId": "{{profileId}}",
  "tag": "Invoice payment",
  "sourceInstrument": {
    "type": "managed_accounts",
    "id": "{{managedAccountId}}"
  },
  "transferAmount": {
    "currency": "EUR",
    "amount": 10000
  },
  "description": "Payment for services",
  "destinationBeneficiary": {
    "name": "Acme GmbH",
    "address": {
      "addressLine1": "123 Main Street",
      "city": "Berlin",
      "country": "DE",
      "postCode": "10115"
    },
    "bankAccountDetails": {
      "iban": "DE89370400440532013000"
    }
  }
}

Step 2: Review the VoP result​

The response to the Create 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. request includes a validationOutcomes array. For EUR OWTsOWT 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., this contains a SEPAVerificationOfPayee entry.

Example response (excerpt)​

{
  "id": "{{owtId}}",
  "state": "REQUIRES_CONFIRMATION",
  "validationOutcomes": [
    {
      "type": "SEPAVerificationOfPayee",
      "result": "CLOSE_MATCH",
      "actualName": "Acme GmbH & Co."
    }
  ]
}

VoP result values​

result valueMeaning
MATCHThe name provided matches the name registered to the IBANIBAN International Bank Account Number - a standardized international bank account identifier. Managed accounts can be assigned an IBAN to enable wire transfers to and from bank accounts outside of Weavr. IBANs are required for EUR accounts and enable SEPA transfers..
CLOSE_MATCHThe name provided is similar but not identical. Check accountName for the registered name.
NO_MATCHThe name provided does not match the name registered to the IBANIBAN International Bank Account Number - a standardized international bank account identifier. Managed accounts can be assigned an IBAN to enable wire transfers to and from bank accounts outside of Weavr. IBANs are required for EUR accounts and enable SEPA transfers..
NOT_POSSIBLEThe VoP check could not be completed (e.g. the receiving institution does not support VoP).
No reason codes for VoP

Unlike CoP for GBP payments, VoP does not return reason codes. The result field and, where available, the actualName field are the only information returned to inform the end-user's decision.

The 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. state will be REQUIRES_CONFIRMATION. It cannot proceed until it is either confirmed or canceled.

Step 3: Display the result to the end-user​

You are required to display the VoP result to your end-user before they confirm the payment. Depending on the result, the end-user should be given the option to:

  • Accept the suggested name-for Close Match results where actualName is returned, the 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 updates to the registered name and the check re-runs.
  • Enter a new name-correct the 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 and re-run the check.
  • Confirm-proceed with the 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. as entered.
  • Cancel-cancel the 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..

Step 4: Act on the VoP result​

Based on the end-user's decision, four actions are available.

Accept suggested name​

Only available for CLOSE_MATCH results where actualName is returned. This updates the 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 to the registered name and re-runs the VoP check.

PATCH/outgoing_wire_transfers/{id}Try it 
{
  "acceptVerifiedName": true
}

The response includes updated validationOutcomes. Return to step 3 to display the new result.

Enter new name​

The end-user can provide a corrected 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. This updates the name on the 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. and re-runs the VoP check.

PATCH/outgoing_wire_transfers/{id}Try it 
{
  "name": "Corrected Beneficiary Name"
}

The response includes updated validationOutcomes. Return to step 3 to display the new result.

Confirm​

POST/outgoing_wire_transfers/{id}/confirmTry it 
{
  "id": "string",
  "profileId": "string",
  "tag": "string",
  "sourceInstrument": {
    "type": "managed_accounts",
    "id": "string"
  },
  "transferAmount": {
    "currency": "str",
    "amount": 0
  },
  "description": "string",
  "type": "SEPA",
  "destination": {
    "name": "string",
    "type": "PERSONAL",
    "address": "string",
    "bankName": "string",
    "bankAddress": "string",
    "bankCountry": "st",
    "bankAccountDetails": {
      "iban": "stringstringstr",
      "bankIdentifierCode": "stringst"
    },
    "nationality": "st",
    "dateOfBirth": "2019-08-24"
  },
  "state": "INVALID",
  "rejectedInfo": "SYSTEM",
  "challengeExemptionReason": "LOW_VALUE",
  "creationTimestamp": 0,
  "scheduledTimestamp": "string",
  "executionTimestamp": "string",
  "cancellationReason": "string",
  "validationOutcomes": [
    {
      "category": "UK_CONFIRMATION_OF_PAYEE",
      "categoryResult": {
        "match": "EXACT_MATCH",
        "reasonCode": "ANNM",
        "accountName": "string"
      }
    }
  ]
}

This submits the 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. for processing. The state will transition from PENDING_CONFIRMATION to PENDING_CHALLENGE (so that an SCA transaction confirmation can be completed), and eventually to COMPLETED.

Cancel​

POST/outgoing_wire_transfers/{id}/cancelTry it 
{
  "cancellationReason": "string"
}

This cancels the 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.. The state will transition to CANCELLED and the funds will be released back to the source 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..

Linked accounts​

/confirm is always required for EUR OWTs to linked accounts

For GBP OWTsOWT 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. via Faster PaymentsFaster Payments The UK domestic real-time payment scheme (run by Pay.UK) used to clear GBP wire transfers between UK bank accounts in seconds. GBP managed accounts settle incoming and outgoing wire transfers via Faster Payments, and our [Confirmation of Payee](/transactions/owt/cop/overview) checks run over this scheme., the /confirm step is skipped when the destination is a linked account, because the 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 was verified at account creation.

For EUR OWTsOWT 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. via SEPASEPA Single Euro Payments Area - the European scheme that standardises euro-denominated bank transfers across participating countries. EUR managed accounts settle incoming and outgoing wire transfers via SEPA Credit Transfer (SCT) or SEPA Instant; our [Verification of Payee](/transactions/owt/vop/overview) check runs against the IBAN registered with the beneficiary's bank or PSP before a SEPA payment executes., this exception does not apply. The /confirm step is always required-even when sending to a linked account. You must always display the VoP result to the end-user.