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.
See the overview page to learn more about SEPA and the different types of SEPA payment schemes.
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.
- 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.
- 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.
You must implement the following features in order to use timed orders in your solution:
- SEPA_TIMED_ORDER: A timed order was executed.
To implement timed orders, integrate the following endpoints in your solution: