A new credit rail has been added to the Momentum API - wire transfers. This means that along with FedNow, RTP, Same Day ACH, and ACH, you can wire transfers from the Orum FBO to external accounts. To do this, you will initiate an API request with speed "wire", and funds will arrive quickly and securely.
Unlike our other speed options for which Orum orchestrates fallback routing, if you choose “wire” in the speed parameter we will not reroute the transfer to another rail if an error occurs.
To note, the "wire" option in the Momentum API can only be used to facilitate outbound payments. It cannot be used to facilitate debits into the Orum FBO or Account-to-Account transfers.
If you’d like to incorporate wires in your production flows, reach out to any Orum team member and we’ll get you set up.
We've updated the transfers table in the transfers page to allow users to select additional columns and drag-and-drop to re-order! The table is also now paginated to allow for easier scrolling and searching.
You can now export transfer data directly from the Transfers page in the Orum Portal! This data includes transfer status, source/destination name, amount, payment method, and failure codes, giving you the exact details you need to build custom reports! Read the full post on our blog.
Now you can check whether your end users are eligible to receive RTP transfers!
New Instant Rail Eligibility Endpoint!
Orum is excited to announce a new API that allows customers to check whether a routing number, or multiple routing numbers, is eligible to receive RTP transfers. You can request an eligibility response on up to 1,000 routing numbers.
Now you can check your Orum balance in real-time to keep your transfers running smoothly.
New Balance API
We are excited to announce a new API that allows customers to query for their real time balance with Orum. This API will allow customers to monitor and manage their funds with Orum to ensure there are sufficient funds to support all of their planned transfers.
Announcing new features for v2022-09-21 of Momentum!
New Transfer use cases
We are excited to announce the addition of three new payment options to our platform! This update will make it easier for businesses and individuals to transact and receive payments securely and efficiently.
Pay by Bank Transfers
Momentum now supports Pay by Bank transfers, which allows consumers on your platform to pay businesses for goods or services using their bank account. This option can be used as an alternative to credit or debit card payments and is preferred by some persons and businesses because it allows them to transact without incurring additional fees or charges. Learn more.
Disbursements
We have also added the option of Disbursements, which allows businesses to send funds directly to a person using only their first name, last name, and bank account information. This feature can be used for insurance claims, legal settlements, and rewards programs. Learn More.
B2B payments
B2B payments offer a convenient way to enable businesses to collect payments from or send payments to other businesses for goods or services. This feature allows businesses to transact with one another securely and efficiently. Learn more.
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
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.
The Momentum API now supports passing metadata on API requests!
For all resources, you can now pass a metadata field in the request body to attach additional information to the Momentum resource. You can also use the PATCH and/or PUT endpoints for each resource to update, add to or remove the metadata. Any existing metadata will be present on all API and webhook responses throughout Momentum.
Note: For transfers, there is a new PATCH endpoint that can be used to update metadata on a transfer.
Metadata can be useful in many ways! For example, you could store a customer's username in metadata when creating that user as a Person in Momentum. Metadata is not used by Momentum -- it does not impact the status of any resource and adding, updating or removing metadata will not result in a webhook event.
Metadata must be valid JSON and can contain up to 5 key-value pairs with key names up to 20 characters long and values up to 50 characters long. Do not store any sensitive or personally-identifiable information (ex: bank account numbers) in metadata.
The below request will maintain the customer_id value, remove the username field and value, update the beta_access value, and add a new customer_number field with a value of 1098.
Supplying contact information for Persons and Businesses is now optional
We updated our platform to improve the person and business onboarding experience by making the contacts array of objects optional for both endpoints. This means you can now create, update, or partially update a person or business without sending any or all of the fields in the contacts array of objects.
We also updated our external accounts endpoint to now support hyphens in the account_number field. This means that if your customers' bank accounts naturally have hyphens, you no longer need to strip these out before creating, updating, or partially updating an external account.