Incoming payment details are notifications that a company is going to receive a payment it didn’t originate—meaning the receiving funds were not initially requested. The purpose of an incoming payment detail is to notify businesses about the incoming funds before they settle and show up in a bank statement. There is a growing need for businesses to properly attribute inbound payments to a counterparty and their virtual account, IPDs help to address that need.
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.
Payment operations is an umbrella term that refers to the entire lifecycle of money movement for a company.
- 1Bank Reconciliation
- 2Banking API
- 3Cash Position
- 4Continuous Accounting
- 5Fiat Money
- 6Flow of Funds
- 7Gross Merchandise Volume
- 8Invoicing API
- 9Know Your Business (KYB)
- 10Payment Operations
- 11Payment Processor vs. Payments Gateway
- 12Settlement (Net vs. Gross)
- 13What are Incoming Payment Details?
- 14What are Payment Controls?
- 15What is A2A Banking?
- 16What is Bank Redundancy?
- 17What is Batch Processing?
- 18What is Cash Float?
- 19What is Know Your Customer (KYC)?
- 20What is Money Transmission?
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