What are Incoming Payment Details?

How do Incoming Payment Details Work?

When incoming payment detail notifications are enabled, a company receives notification of an incoming payment that was originated by someone or an organization outside of its company.

These notifications provide transaction information about the funds before the funds clear in an account. By knowing ahead of time that funds are en route, payment operations or finance teams can flag the funds before they settle. If an incoming payment is not expected, or the sender is unknown to a company, this can indicate a fraud risk. Companies can mitigate this risk by returning the incoming funds before they settle.

The information provided in an incoming payment detail notification varies depending on the particular bank a company uses. Generally though, they include the transaction amount and the originator of the transaction. Other details in the notification can include the currency of the transaction, trace numbers, or virtual account numbers.