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Overview

There are two statement_display_name fields in the API request body:

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

The purpose of these fields is to help your end users understand who is pulling or pushing money to their accounts. This field should contain the name of the company initiating the transaction.

  • 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.

Do not include payment descriptions in these fields. The info should be consistent for each party originating funds. This is important for avoiding payer/payee confusion and for and properly tracking the parties involved in a payment.

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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.

How It Works

When determining what information, if any, to pass in each optional field, we recommend asking yourself a few questions.

  • 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

The purpose of this field is to provide information about the reason for a payment. If statement_display_name explains who initiated a debit or credit, the account_statement_descriptor explains why the transfer was made.

  • 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.

How It Works

There is one optional account_statement_descriptor field in the API request body, and the value that you pass will appear on the bank account statement of both the source and destination account.

When determining what information, if any, to pass we recommend asking yourself this question:

  • 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"
}