TPPs are unsure which Payment Statuses are returned by Bank APIs & what they mean, making it difficult for them to track payments & provide customer support.
What is a Payment Status?
A Payment Status is a message that indicates how far that a payment has progressed. Payment Statuses are returned by Bank (ASPSP) APIs when TPPs initiate payments or request payment updates on behalf of customers (PSUs) using their application to make payments.
Payment Statuses are also known as Booking Statuses, Booking Messages, Transaction Statuses, and Payment Request Statuses.
What Payment Statuses do TPPs need?
TPPs need to know which Payment Statuses are available and what each one means, so that they can add suitable requests to their applications to check for those statuses through to payment completion. They can then return the correct Payment Status back to their customers via their application, i.e. whether the payment has simply been initiated successfully, is in progress, or is complete.
Knowing which Payment Statuses are available also helps TPPs manage customer issues. If a customer complains to a TPP that a payment they initiated through the TPP’s application has not been completed, the TPP will check the responses that they received from the bank’s API after payment initiation to determine at what point the payment failed and why.
If TPPs don’t understand what statuses are available or their purpose, they cannot be sure what information to present back to their customers in their applications.
This content was originally published on 7 July 2022 for participants of the Open Banking Exchange Membership Programme. It consisted of the Open Banking Exchange’ sole opinion as of its date of publication and was intended for general information of its members. It is available now for visitors of the Konsentus website. To access this content, please complete the form below.
