Throughout 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 batch of payments submitted as a single action instructed by one or more Payor

Backoffice Platform: Portal for Velo's client support team

VeloPay Payor Platform: Portal for Payors

VeloPay Payee Platform: Portal for Payees

Backoffice User: A Velo team member accessing the backoffice

Payor user: An interactive user of the Payor Portal

Users Roles: This is the defined permission a Payor user has to the VeloPay Portal

Admin: An Admin User has full access to the VeloPay Portal. They may add other Payor users, invite Payees, and instruct payments

Support: A Support User has read only access to the VeloPay 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

e.g. 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 Channel: A bank account (with 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 compliance/OFAC check
• Invalid Source Amount
• Payee has not accepted invitation to receive payments
• Payee has invalid payment channel
• 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

• Failed: 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 successfully sent out for delivery, but Payee has not confirmed if payment was received

Confirmed: Payee has confirmed payment was received

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 compliance/OFAC check
• Invalid Source Amount
• Payee has not accepted invitation to receive payments
• Payee has invalid payment channel
• 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 created a username and password

Onboarded: Payee has completed confirmed their personal information and OFAC is clear

OFAC Status

Pending: Payee has enrolled and is awaiting OFAC check

Passed: Payee has passed and is not found on any sanctions list

Failed: Payee has failed, and payment will not be allowed. Most commonly, this occurs due to an inconclusive result and further information will need to be collected from Payee

Invitation Status

Pending: Payee has not confirmed to receive payments

Accepted: Payee has confirmed to receive payments

Denied: Payee has denied receiving payments