Transfers

Efficiently move funds across accounts. IO's io.flow service facilitates seamless account-to-account transfers within a vast network of PSPs (Payment Service Providers), ensuring operational fluidity and global reach.

Account-to-Account Transfers

Transfers within io.flow are designed to move funds between accounts under the same PSP. If you need to transfer funds between accounts associated with different PSPs, this can be achieved through a payout, utilizing the Settlement Instructions of the Beneficiary account.

Transfer Charges

Note that transfers between accounts are subject to charges as per the rates agreed upon in your PSP contracts.

Sweep Configurations

A sweep configuration can be a powerful tool for managing funds:

• Automatic Funds Movement: With a sweep configuration, funds can be automatically moved from one account to another upon receipt.
• Use Case: This is particularly useful in ensuring funds do not remain idle in Virtual User Accounts post a payin.
• Additional Information: Further details about sweep configurations can be found in the accounts section.

Transfers in Payouts

When executing a payout through the sweep-payout endpoint:

• Pre-Transfer: Funds are automatically transferred into the remitter account before sending.
• Post-Failure: If the payout fails, the funds are reverted back to the primary account.
• Tracking: These transfers are meticulously tracked within the account. More on this can be found in the payouts section.

Foreign Exchange (FX)

Currently, Foreign Exchange (FX) capabilities are not directly available through io.flow APIs. However, if FX operations are needed within a PSP, they can be managed through:

• Direct Contact: Reach out to the io.flow customer office.
• PSP Dashboards: Utilize dashboards provided by the PSP directly, if available.
• Future Plans: FX functionalities through io.flow are in development, and we encourage reaching out to your account manager for more information.