Timed Orders
A timed order is a type of SEPA Credit Transfer (SCT) that allows customers to schedule and authorize a one-off transaction to be executed automatically at specific date.
info
See the overview page to learn more about SEPA and the different types of SEPA payment schemes.
How does it work?
A timed order works exactly like a standard SEPA Credit Transfer (SCT). Offer a frontend for your customer to log in and set up a timed order, which triggers the change request process. The customer must authorize the transaction either via an SMS OTP or a device signing challenge.
The process looks like this:
- The customer logs in to their account to create a timed order. They must provide the necessary transaction details, such as the amount, recipient IBAN, and execution date.
- The customer authorizes the transaction using two-factor authentication (2FA) via an SMS OTP or a device signing challenge.
- Before executing the timed order, Solaris checks the account's
available_balanceto ensure that there are sufficient funds. - Solaris executes the timed order, which creates a booking on the
customer's account with the booking type
SEPA_CREDIT_TRANSFER.
note
- Timed orders have the same transaction type and booking type as a standard
SCT, which is
SEPA_CREDIT_TRANSFER. - In case a timed order fails due to insufficient funds, no booking will be
placed on the account. Instead, the status of the transaction will be set to
declined.
Execution rules
- Timed orders execute according to the same rules as regular SEPA Credit Transfers, i.e., every banking day on every hour between 07:00 - 20:00.
- If an execution date falls on a bank holiday or a weekend, the beneficiary will receive the transfer on the next banking day.
Prerequisites
You must implement the following features in order to use timed orders in your solution:
Related webhooks
- SEPA_TIMED_ORDER: A timed order was executed.
API reference documentation
To implement timed orders, integrate the following endpoints in your solution:
