Payments

This section covers the different types of payments supported by the Partner API, including internal payments, outbound payments, and inbound payments.

Algbra API platform offers a range of payment functionalities to enable seamless and secure transactions for partners of participating financial institutions. The API provides support for internal account-to-account payments, allowing customers to transfer funds between their accounts within the same partner organisation.

Additionally, the API supports domestic payments in the UK, allowing partners to make payments to other accounts within the UK.

SEPA Rails

For partners who need to make payments to other countries within the European Union, the API supports the Single Euro Payments Area (SEPA) payment scheme. SEPA covers the whole of the EU as well as Andorra, Iceland, Norway, Switzerland, Liechtenstein, Monaco, San Marino, United Kingdom, Vatican City State, Mayotte, Saint-Pierre-et Miquelon, Guernsey, Jersey and Isle of Man. This means that customers can make payments to other SEPA countries using the same standard process as they would for domestic payments, simplifying the payment process and reducing transaction costs.

The payments API section includes detailed documentation on each of these payment functionalities, including the necessary authentication methods, request and response formats, and security measures. With the Algbra API platform, partners can offer their customers a seamless payment experience while ensuring the security and protection of their financial data.