Periodic payments
Further reading on how to create periodic payments with Yapily.
Periodic payments are available as a Beta version.
Introduction
Periodic payments are payments which the user can configure from an Institution to pay an entity based on a schedule. In the UK, this is also known as a standing order.
It's possible to create either domestic or international periodic payments provided that the Institution supports the following features in the feature array:
-
CREATE_DOMESTIC_PERIODIC_PAYMENT -
CREATE_INTERNATIONAL_PERIODIC_PAYMENT
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.
Domestic Periodic Payments
A periodic payment can be created by specifying all the mandatory properties of a Single Payment including:
-
paymentRequest.paymentDateTime(mandatory) - Specify the date of the first payment
along with the following periodicPayment properties:
-
frequency(mandatory) - Specify how frequent to make payments. See payment frequency for more information -
numberOfPayments(conditional) - Specify if you plan to make a fixed amount of payment as opposed to ending a payment schedule on a given date -
nextPaymentAmount(conditional) - If the first amount (defined bypaymentRequest.amount) is different from the planned schedule amount, specify this to set the recurring amount. -
nextPaymentDateTime(conditional) - If the first date (defined bypaymentDateTime) does not fall on a date defined by the planned schedule, specify this to set the first recurring payment date. -
finalPaymentAmount(conditional) - Specify if the final payment amount differs from the value specified bypaymentRequest.amount -
finalPaymentDateTime(conditional) - Specify if the final payment is to end on a specific day outside the recurring schedule
International Periodic Payments
While rarely supported by every Institution, if the CREATE_INTERNATIONAL_PERIODIC_PAYMENT feature is available, it is possible
to make international periodic payments.
In addition to the properties required for a domestic periodic payment, you must specify the additional properties required for an international payment.
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 |