BankTransfer Bean

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The BankTransfer component is a single component that supports the SignOn and Intrabank/Interbank Funds Transfer functions of Open Financial Exchange, as described by Specification 1.0.2.

Syntax

InEBank.Banktransfer

Remarks

The BankTransfer bean supports immediate or scheduled intrabank (between two accounts at the same financial institution) and interbank (between two accounts at different financial institutions).

The fund transfer request designates source and destination accounts and the amount of the transfer. The FI must be able to authenticate the source account. The user can schedule the transfers for a future date or request an immediate transfer. The user can modify or cancel scheduled transfers, but not immediate transfers.

Interbank funds transfers differ from intrabank funds transfers in the following respects:

• the routing and transit number of the destination account differs from the source account;
• at the discretion of the FI, the destination account can be subject to pre-notification;
• source and destination accounts must be enabled for the Automated Clearing House (ACH);

To make transfer, the TransferFunds method should be called and the following information should be provided in the request.

First, identify the:

• OFX user and application by setting the OFXUser, OFXPassword, OFXAppId and OFXAppVersion properties;
• financial institution by setting the FIId, FIOrganization, and FIUrl, properties.

• source account you wish to transfer the funds from, by setting FromBankId, FromAccountId, FromAccountType, and for international banks also FromBranchId and FromAccountKey properties;
• destination account where the funds will be deposited to, by setting ToBankId (if requesting interbank transfer), ToAccountId, ToAccountType, and for international banks also ToBranchId and ToAccountKey;
• transfer amount by setting Amount to the desired value;
• transfer date by setting DateDue (if requesting a scheduled transfer, not an immediate one);

When the response returns, the server cannot provide complete confirmation for the transfer. The server can confirm only that it received the transfer instruction, and possibly, whether it validated the accounts, amount, and date specified in the transfer. When the transfer status is not provided in the server response, then the server should confirm that it accepted the instructions by issuing a Id. In this case, it should also indicate the expected posting date of the transfer stored in DatePosted.

The transfer confirmation can be retrieved at a later time through a synchronization request (by calling SynchronizeTransfers method).

If the request is for an immediate transfer and the server can perform the transfer in real time, the server should indicate whether the transfer succeeded and should return the date of the transfer in DatePosted. In this case, synchronization is not required.