FAQs - Payments

This section outlines some of the most important FAQs pertaining to payments module. If you have any other queries, please reach out to us at [email protected].

1. How do a platform get access to Decentro's Payments product?

To access Decentro's Payments product, platforms must open a connected account, a two-step process. Firstly, platforms submit their business's KYC details to Decentro for review, creating the connected account. Decentro then conducts a thorough review and activates the connected account upon satisfactory KYC verification.

2. How can a platform accept money using Decentro's Payments product?

Platforms can start accepting money using Decentro's virtual account based collections. The flow comprises of following two steps -

  1. Platform creates a virtual account in the currency it wants to collect money using create virtual account API. Upon successful execution of create virtual account API, platforms will receive account details in the response that they can share with their payers
  2. Platform's payer uses the account details to initiate the transfer. Once the transfer is successful, platforms are alerted by the ICN web hook. This web hook contains all the transaction related details.

3. What are the supported payment methods for virtual account based collections?

The supported payment method for virtual account based collections is bank transfer either on LOCAL payment rails or on SWIFT network.

4. What are the supported countries, beneficiary account currencies and payment methods for Payouts?

Following are the supported payment methods:

Beneficiary CountryBeneficiary CurrencySupported Payment Methods
United States (US)USDACH, FEDWIRE, SWIFT
Singapore (SG)SGDFAST, GIRO, RTGS, SWIFT
Australia (AU)AUDBANK_TRANSFER, SWIFT
Canada (CA)CADLOCAL, SWIFT
European Union (EU)EURSEPA, SWIFT
United Kingdom (UK)GBPFASTER_PAYMENTS, SWIFT
Hong Kong (HK)HKDACH, FPS, RTGS, SWIFT
China (CN)CNYLOCAL, SWIFT
India (IN)INRLOCAL, SWIFT
Nepal (NP)NPRLOCAL, SWIFT
Vietnam (VN)VNDLOCAL, SWIFT
Malaysia (MY)MYRLOCAL, SWIFT
Philippines (PH)PHPLOCAL, SWIFT
South Korea (KR)KRWLOCAL, SWIFT
Thailand (TH)THBLOCAL, SWIFT
New Zealand (NZ)NZDBANK_TRANSFER, SWIFT
Japan (JP)JPYLOCAL, SWIFT

5. What is the unique identifier or parameter that platforms can utilize to associate a payout with its corresponding webhook?

Decentro includes the payment_unique_reference_number in both the Initiate Payout API and the Payout Status Update webhook. Platforms can leverage this parameter to effectively tag and correlate the webhook with the specific payout transaction.

6. The payment amount in payout response payload and web hook payload, is it including commissions or not?

This depends upon the billing method that platform has agreed with Decentro:

  1. Pay as you go - The payment amount includes commissions
  2. Postpaid - The payment amount does not includes commissions

7. How are source and beneficiary account currencies defined in a payout?

Source Currency - The source currency refers to the currency used to originate the payout. This currency can be any currency held by the platform in their virtual accounts with Decentro.

Beneficiary Account Currency - The beneficiary account currency is the currency of the recipient's account where the payout is being sent. It represents the currency denomination of the beneficiary's account.

8. How can a platform retrieve the status of a payout?

There are two mechanisms via which a platform can get the status of a payout -

  1. Payout Status Update Web Hook - Decentro alerts the platforms via this web hook every time the status of the payout changes.
  2. Get Transaction Status - This is a pull API that platforms can use anytime to retrieve the current status of the payout.

9. What are the supported source currencies for payouts?

The supported source currencies for payouts are - SGD, USD, AUD, NZD, EUR, GBP, JPY, HKD, CNY, IDR, CAD.

10. What is the average TAT for Payout API

The average TAT for a payout API is 1.6 seconds.

11. Is there any chance of getting FAILURE event in payout status web hook after DISPATCHED has been received?

Yes. After DISPATCHED is received, platforms can expect to receive SUCCESS or FAILURE.

12. Does Decentro provides capability to send payouts to onshore and offshore accounts?

Yes. Decentro does provide the capability to send payouts to onshore and offshore accounts via both LOCAL and SWIFT transfers. Following table provides an example of a beneficiary based in Singapore (SG) and holds onshore/offshore accounts.

Payout TypeBeneficiary CountryBeneficiary Account CurrencyBeneficiary Bank Country CodePayment Methods
RegularSGSGDSGLOCAL, SWIFT
Onshore AccountSGUSDSGSWIFT
Offshore AccountSGSGDUSSWIFT
Offshore AccountSGUSDUSLOCAL, SWIFT

13. Can a payout fail after it has been dispatched? Alternatively, can platforms expect to get FAILED callback even after they have received DISPATCHED callback event?

Yes. Platforms can expect to get a FAILED callback event after they have received DISPATCHED.