The REST API-based transfer service allows you to perform transfers or credit transactions to any financial institution that can accept credits or hold funds/values.

The transfer service is further broken down into two:

  1. Bank Confirmation Model API
  2. Transfer service core API

Bank Confirmation Model API

Also known as Inbound Service, allows banks or other financial institutions with a license to hold funds and accept credit transfers into their accounts. To have access to this service, you will need to have any of the following licenses:

  • PSP license
  • MFB license

The diagram below explains the flow of the bank confirmation model API.

Transfer service core API

Also known as Outbound service, this API allows banks or other financial institutions to transfer money to other banks