Payment Descriptors

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Overview

• One under the “source” object
• One under the “destination” object

• If you are the originator of the payment you should put your company name in this field.
• If you are a platform and your customer is the originator, you should put their name in the field.

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Statement Display Name

• Accepts up to 16 alphanumeric characters (including spaces) for ACH transfers and up to 140 alphanumeric characters for RTP transfers.
• If you leave this field blank, your enterprise name will automatically be used in the payment request.
• This field maps to “Company Name” in the Nacha file.

• Source object: Who is the ultimate sender of the debit instructions and 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?
• Destination object: Who is the ultimate sender of the credit instructions and 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?

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Account Statement Descriptor

• Accepts 10 alphanumeric characters for ACH and 140 characters for RTP.
• Available for ACH, Same Day ACH, and RTP. It is not available for Wires.
• This field maps to “Company Entry Description” in the Nacha file.
• The Nacha file formats include a Company Entry Description (CED) in the Batch Header record, which intends to describe the purpose or intent of a transaction.

• What descriptive information would help the party being debited and the party being credited, understand the reason for the payment?

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Examples

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Statements

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API Request

{
    "currency": "USD",
    "source": {
         "account_reference_id": "string",
         "customer_reference_id": "string",
         "statement_display_name": "Redwood Loans"
    },
    "destination": {
         "account_reference_id": "string",
         "customer_reference_id": "string",
         "statement_display_name": "Apex Solutions"
    },
    "transfer_reference_id": "string",
    "amount": 3050,
    "account_statement_descriptor": "INV 12345"
}