How do I understand the PaymentDetails screen?
Understanding the Payment Details page of a payment
When you look at an individual payment (if you go in to an account on the Transactive Portal, and click on one payment in the summary page titled Activities), you will see a page that looks something like this:
- Amount = this shows the amount and currency of money
- Payment Type = shows whether it is a
- Payout: payment to an account outside of your Transactive Portal
- Deposit: payment coming in to your account from an external bank account
- Transfer: payment from or to another account within your Transactive Portal
- UTC Timestamp = Universal Time Stamp. This is the time and date at which the payment was made (Please note that this is an hour out for the UK in Summertime due to the UK clocks going forward)
- Status = shows whether or not the payment was executed or rejected
- Clearing System = the system established to settle payments
- Payment ID = A Unique Reference number for you to identify each payment
- Instruction ID = A Unique Reference number for you to identify each payment
- Speed Class = Two options:
- Instant: payment is sent using an instant, real-time, or faster payment network. If the recipient is not available via this network or payment scheme then the payment will be rejected.
- ASAP: payment is sent via the fastest available payment scheme.
- Description = This is a free form description of the payment or payment purpose(e.g., Payment for Invoice 12345). It will be displayed on the recipients statement. Depending on downstream systems it may be truncated to as a few as 13 characters.
- Reference = This is a second free form description. Customarily this is populated with a reference number from an ERP or Accounting system that relates to the beneficiary or the transaction.