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PaymentSeries

Payitoff API: PaymentSeries Schema

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A PaymentSeries is an object that describes a recurring series of Payments that should be made to a Servicer from a Borrower-owned SourceAccount on a regular schedule.

You can create, edit, list, and cancel a PaymentSeries.

Creating and Editing PaymentSeries

Use the Create PaymentSeries endpoint to create all PaymentSeries records. When creating, you'll send a PaymentSeriesPayload object as your request body, so be sure to check the guide to better understand how to successfully detail your series and its schedule.

Use the Edit PaymentSeries endpoint to edit existing PaymentSeries records. Just as when creating, you'll provide a PaymentSeriesPayload as your request body.

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Don't confuse Payments, PaymentSeries, and BatchPayments!

Our API supports making different kinds of payments on behalf of one or more Borrowers from their own bank accounts and from third-party-owned bank accounts.

The best way to determine if you should be creating a Payment, PaymentSeries, or BatchPayment is based on how many Borrowers you wish to make a payment for, and who owns the funding SourceAccount.

Do I need a Payment, a PaymentSeries, or a BatchPayment?

ScenarioSourceAccount OwnerSolution
I want to make a payment for one BorrowerThe Borrower owns the SourceAccount from which funds will be transferred.Payment
I want to make a payment for one Borrower on a regularly recurring schedule every month.The Borrower owns the SourceAccount from which funds will be transferred.PaymentSeries
I want to make a payment for one BorrowerMy business or another third-party owns the SourceAccount from which funds will be transferred.BatchPayment
I want to make a payment for many BorrowersMy business or another third-party owns the SourceAccount from which funds will be transferred.BatchPayment
I want to make a payment for many BorrowersOne of the Borrowers owns the SourceAccount from which funds will be transferred to pay for all the Borrowers.Not Allowed

Schema Definition

PropertyTypeFormatDescription
amountstringdecimalThe total amount of the payment.
borrower_idstringuuidThe UUID that identifies the Borrower on whose behalf this payment is made.
idstringuuidThe UUID that identifies this PaymentSeries.
scheduleobjectOne of:

DayOfMonthSchedule
EndOfMonthSchedule		An object describing the recurrence schedule. The actual dates selected each month will be moved off of weekends and bank holidays. The next business day will be used, unless that would roll into a new month, then the previous business day is used instead.
source_account_idstringuuidThe UUID that identifies the Borrower-owned SourceAccount from which funds will be transferred.
statusstringactive
cancelled		The current status of this PaymentSeries.
{
  "amount": "144.00",
  "borrower_id": "7c7648b1-9171-4e65-898d-e49583c17982",
  "id": "291dece4-c64c-40d1-9ee7-686183768811",
  "schedule": {
    "day_of_month": 28,
    "end_date": "2022-09-01",
    "start_date": "2021-09-01"
  },
  "source_account_id": "c299cadf-f093-4cb5-91ee-4f2ed6282f09",
  "status": "active"
}

Updated over 1 year ago