Periodic Payments
Further reading on how to create periodic payments with Yapily.
Introduction
Periodic payments are payments which the user can configure from their bank to pay an entity based on a schedule. In the UK, this is also known as a standing order. It is possible to create either
domestic or international periodic payments provided that the Institution
supports either DOMESTIC_PERIODIC_PAYMENT
or INTERNATIONAL_PERIODIC_PAYMENT
in the feature
array.
NOTE: Open Banking only provides the means to send the payment initiation request to the Institution
so it is not possible to modify or cancel a periodic through Open Banking, nor is it
possible to receive confirmation of the whether each payment in a periodic payment was successfully credited to the payee bank account.
Payment Frequency
The paymentFrequency
should be set for periodic payments. The enumerations available are summarised in the table below.
Description | executionDay | intervalWeek | intervalMonth | type |
---|---|---|---|---|
Every day | - | - | - | DAILY |
Every working day | - | - | - | EVERY_WORKING_DAY |
Every 15th day of the month | 15 | - | - | CALENDAR_DAY |
Every week, on the 3rd day of the week | 3 | 1 | - | WEEKLY |
Every 2 weeks, on the 3rd day of the week | 3 | 2 | - | EVERY_TWO_WEEKS |
Every 3 weeks, on the 3rd day of the week | 3 | 3 | - | WEEKLY |
Every month, on the 2nd week of the month and on the 3rd day of the week | 3 | 2 | 1 | MONTHLY |
Every month, on the first day of the month | 1 | - | 1 | MONTHLY |
Every 2 months, on the 15th day of the month | 15 | - | 2 | EVERY_TWO_MONTHS |
Every 3 months, on the 15th day of the month | 15 | - | 3 | MONTHLY |
Every 6 months, on the 15th day of the month | 15 | - | - | SEMIANNUAL |
Every 12 months, on the 3rd day of the month | 3 | - | - | ANNUAL |
Every quarter | - | - | - | QUARTERLY |