New: Optional Fields for Personalized Bank Statements

Orum is adding two optional fields to the Momentum API!

These optional fields will be called statement_display_name, and will be nested under both the source and destination objects. These fields will allow you to specify what names appear on the bank account statements of your end users (e.g. your name, your customer's name, etc.)

With this new feature, end users being debited will more clearly understand who is pulling money from their account, and end users being credited will more clearly understand who is pushing money into their account.
This increased clarity should provide end users with an enhanced experience that results in fewer disputes and customer complaints that would have otherwise occurred due to confusion of the transfer.

How does this work?

When determining what information, if any, to pass in each optional field we recommend asking yourself these two questions:

• What name do you want to show up on the bank statement of the source (the party being debited) to ensure that they know who pulled money from their account?
• What name do you want to show up on the bank statement of the destination (the party being credited) to ensure that they know who pushed money to their account?

Sample request to personalize the source and destination bank account statements

{
    "currency": "USD",
    "source": {
         "account_reference_id": "string",
         "customer_reference_id": "string",
         "statement_display_name": "John Smith"
    },
    "destination": {
         "account_reference_id": "string",
         "customer_reference_id": "string",
         "statement_display_name": "Clothing Depot"
    },
    "transfer_reference_id": "string",
    "amount": 100,
    "account_statement_descriptor": "Retail Purchase"
}

Note: the statement_display_name fields accept up to 16 alphanumeric characters (including spaces) for ACH transfers and up to 140 alphanumeric characters for RTP transfers. The account_statement_descriptor field can accept 10 alphanumeric characters for ACH and 140 characters for RTP.

As a reminder, the account_statement_descriptor field allows you to provide additional information about a transfer, and will appear on the bank statement of both the source and destination account.