Throughout this document and the Velo Platform the following terms are used:
Payor: The individual or company sending payments
Payee: The individual or company receiving payments
Payment: A single payment
Payout: A group of payment instructions. Payments are only created in the system once a Payout is instructed.
Backoffice Portal: Portal for Velo's team
Payor Portal: Portal for Payors
Payee Portal: Portal for Payees
Velo Backoffice user: A Velo interactive user of the Backoffice Portal
Payor user: An interactive user of the Payor Portal
User Roles: This is the defined permission a Payor user has to the Payor Portal
Admin user: An Admin user has full access to the Payor Portal. They may add other Payor users, invite Payees, and instruct payments
Support user: A Support user has read only access to the Payor Portal. They may view other Payor users, Payees, and payments
Payor ID: A Unique user ID (UUID) allocated to a Payor account
Payee ID: A UUID allocated to a Payee account
Payment ID: A UUID allocated to each Payment submitted
Payout ID: A UUID allocated to each Payout submitted
Remote ID: A unique identifier for a Payee within the Payor’s domain - the combination of the Payor ID and the Remote ID
FBO: For the Benefit Of - a bank account owned by one party (Velo) but containing money belonging exclusively to other people (Payors)
Physical Account: An account with a bank which holds funds
Physical Account Name: A unique human readable name which identifies a physical account - This value is a mandatory field when creating a new Payor used to indicate which physical account should be used as the source of funds used for Payments for that Payor
Logical Account: A logical record of funds available within a given Physical Account - Many logical accounts may be managed on a single Physical Account
Logical Balance: The current amount of funds a Payor has within Velo from which Payments are performed
Funding Reference: An 8-character unique identifier for a Payor - Funding Reference is used to identify a Payor when crediting the Velo FBO account
Funding Account: A bank account owned by the Payor from which money is transferred into - Velo to credit the Payor’s logical balance within Velo
Funding Request: A feature that allows a Payor to request Velo to transfer money from the Payor's own private bank account (Funding Account) into Velo's FBO account
Correlation ID: A unique ID given to each 'transaction' performed by the system - Each participating leg in the transaction will propagate the correlation ID to facilitate the tracing of a transaction across the various logs within the system
Transaction is used in the widest sense - i.e. it is something Velo has been asked to do
i.e. Update a Payor, or perform a Payout etc. - The backoffice team will have access to log viewers which can filter the production system logs by correlation ID
Rails: The third-party banking infrastructure used by Velo to perform payments
Payment Methods: A Payee’s preferred method of receiving payment (Bank Account, PayPal, etc. becoming options in the future)
Payment Status Definitions
Submitted: Payment has been created and received
- Rejected: Payment has not passed Payee Validation for one or more of the following issues:
- Incorrect Remote ID
- Payee Not Onboarded
- Payee failed a compliance check
- Invalid Source Amount
- Payee has not accepted invitation to receive payments
- Payee has an invalid Payment Method
- Duplicate Payment ID
- Payment ID must be unique to the system regardless if a payment is successfully or unsuccessfully processed
Accepted: Payment has passed Payee Validations
Awaiting Funds: Payment is waiting for Payor to have sufficiently funded their balance to be sent out for payment delivery
- Withdrawn: Payment has been deleted
- Unfunded: Payment is not sufficiently funded by Payor’s Source Account or Currency provided
Funded: Payment has been sufficiently funded for delivery
- Returned: Payment has been returned by the bank due to an error
Accepted by Rails: Payment has successfully been sent out for delivery
- Awaiting Confirmation: Payment has been sent. The payment will remain in this status until the Payee confirms receipt of payment
- Confirmed: Payee has confirmed payment was received through text message or email (optional)
Payout Status Definitions
Submitted: Payout has been created and received
- Rejected: Payments within Payout have not passed Payee Validations for one or more of the following issues:
- Incorrect Remote ID
- Payee Not Onboarded
- Payee failed a compliance check
- Invalid Source Amount
- Payee has not accepted invitation to receive payments
- Payee has an invalid Payment Method
- Duplicate Payment ID
- Payment ID must be unique to the system regardless if a payment is successfully or unsuccessfully processed
Accepted: Payments within Payout have passed Payee Validations
Quoted: Payout is waiting for sufficient funds to be sent out for payment delivery to Payees. A payout in this status may be refreshed to update rates and may also be deleted
- Withdrawn: Payout that was previously in Quoted status and has been deleted
Instructed: Payout has passed all system checks and has been sent out for payment delivery
Complete: Payout has been delivered to appropriate rails
Incomplete: Not all payments within the Payout have been funded and accepted by railed. Unfunded payments can be resubmitted, or requoted once funds arrive
Payee Status Definitions
Onboarding Status
Invited: Payee has been sent an invitation email to set up their account
Registered: Payee has started, but not completed enrollment
Onboarded: Payee has completed enrollment and is payable
Watchlist Status
Pending: Payee has enrolled and is awaiting a compliance check
Passed: Payee has passed a compliance check
Failed: Payee has failed a compliance review and is not eligible to receive payments. In most cases, the result of the review is inconclusive and Velo’s compliance team will reach out to the Payee for additional documentation
Invitation Status
Pending: Payee has not taken action on their invitation
Accepted: Payee has confirmed and accepted their invitation to receive payments
Denied: Payee has denied their invitation to receive payments