Funds Transfer using VDC

[RAbih]

If I am using the Funds Transfer API to send money to a recipient account and the operation is successful, who will credit the amount into the recipient's account? Is the API call sufficient, or do I need to establish another connection with my switch, which will then send an ISO message to VISA as usual?

[jenn_kh]

Hi @RAbih, Thank you for your question. An agent will get back to you soon. In the meantime, if any community member knows the solution, please reply to this thread.

[API_Products]

Hey @RAbih,

When using the Visa Developer Platform's Funds Transfer API to send money to a recipient account, the API call itself initiates the transfer process. However, there are a few key points to understand about how the funds transfer and settlement process works:

1. VisaNet Processing: The API call to the Funds Transfer API sends a request to VisaNet, which processes the transfer. VisaNet will handle the movement of funds between the sending and receiving financial institutions.

2. Recipient Bank: The recipient's account will be credited by the recipient's bank. VisaNet facilitates the transfer, but the actual crediting of the recipient's account is done by the recipient's bank based on the instructions received from VisaNet.

3. Settlement: The settlement process involves the actual movement of money between the involved financial institutions. This is typically handled through Visa's clearing and settlement systems.

4. ISO Messages: In many cases, traditional financial institutions and switches use ISO 8583 messages to communicate with Visa for transaction processing. If your system is already integrated with Visa through ISO messages, you might need to ensure that the Funds Transfer API calls are synchronized with your existing transaction processing systems.

Summary:
- API Call: The API call to the Funds Transfer API initiates the transfer process.
- VisaNet: VisaNet processes the transaction and facilitates the transfer of funds.
- Recipient Bank: The recipient's bank credits the recipient's account.
- Existing Systems: If you have existing systems that communicate with Visa via ISO messages, you might need to ensure proper integration and synchronization between your API calls and these systems.

In essence, the API call is sufficient to initiate the transfer, but you must ensure that your systems are correctly integrated to handle the end-to-end process, including any necessary interactions with Visa through ISO messages if required by your setup.