Throughout FAQs and the Velo Platform the following terms are used:
Payor: The individual or company sending payments
Payee: The individual or company receiving payments
Payment: An amount of money paid by a Payor to a Payee. A single payment within a payout. A payment has an amount and a payee
Payout: A batch of payment instructions submitted as a single action. Payments are only created in the system once a Payout is instructed
Payor Portal: Portal for Payors
Payee Portal: Portal for Payees
Master Admin user: The primary Admin user on a Payor’s account. They may add Admin and Support users, invite Payees, and instruct payments
Payor Admin user: An Admin user has full access to the Payor Portal. They may add Support users, invite Payees, and instruct payments
Payor 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 assigned by a Payor
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 Back Office team will have access to log viewers which can filter the production system logs by correlation ID
Source Account: A virtual balance reflecting good funds available for a Payor to make payments.
Funding Account: An external bank account that is linked to Velo to allow a Payor to add funds to a Source Account balance.
Effective Balance: The total amount of funds a Payor has available to make payments. Similar to a source account balance, but applies to the Decoupled model only.
Funding Reference: An 8-character unique identifier for a Payor - Funding Reference is used to identify a Payor when crediting their logical balance
Funding Request: A feature allowing a Payor to request a transfer of money from the Payor's own bank account (Funding Account) to fund their effective balance. This is dependent on the way a Payor’s Velo profile is structured
Rails: The third-party banking infrastructure used by Velo to perform payments
Payment Methods: A Payee’s preferred method of receiving payment (Bank Account, etc.)
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 effective balance to be sent out for payment delivery
- Withdrawn: Payment has been deleted
- Unfunded: Payment is not sufficiently funded by Payor’s effective balance 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 re-quoted 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
Watchlist Status
Pending: Payee has enrolled and is awaiting a compliance check
Passed: Payee has enrolled, passed a compliance check, and is payable
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 is fully onboarded and can receive payments
Declined: Payee has declined their invitation to receive payments