About payments

With the Tuum BackOffice platform, you can initialise outgoing payments, and manage incoming and outgoing payments.

Payment types

Depending on the payment direction, there are 2 types of payments:

• Incoming payments - Initiated from external financial institutions and dedicated to the beneficiary with Tuum.

• Outgoing payments - Initiated in Tuum and dedicated to the beneficiary with other financial institutions.

The payment process consists of the following steps:

Outgoing payments process

1. Payment initiation: Creating a draft of the payment order and confirming it.

2. Anti Money Laundering (AML) check: Ensuring the payment passes money-laundering prevention measures.

3. Payment settlement: Sending the payment data to the service provider-specific module responsible for generating the message based on the provider requirements and sending it to the provider system.

Incoming payments process

1. Receiving message of incoming payments: Receiving a file that consists of one or several incoming payments.

2. Anti Money Laundering (AML) check: Ensuring the payment passes money-laundering prevention measures.

3. Crediting the beneficiary's account: Transferring funds to the beneficiary’s account in the Tuum system.

Based on the payment rules and currency, the Tuum system divides payments into:

• Intrabank - A payment in any currency when the payer and the beneficiary have accounts with Tuum.

• SEPA payment - A payment in Euros made according to the Single Euro Payments Area rules.

• SWIFT payment - A payment in any currency made by the SWIFT rules. In almost all cases, cross-border payments.

• Local payment - A payment made by the payment rules of the country of the payment currency.

• The availability of the payment types depends on the configuration of the settlement providers that your company uses with Tuum. Contact the Tuum team to clarify the different options.

• The initiation of the local payments via the BackOffice is currently under development. You can initiate local payments via API.

Payment type codes

Each payment type has dedicated type codes used in the Tuum system to identify the type and direction of the payment.

Payment type	Payment type code
Intrabank	ACC2ACC: Account-to-account payments.
SEPA payments	ACC2SEPA: Account-to-SEPA outgoing Euro payments. SEPA2ACC: SEPA-to-account incoming Euro payments.
SWIFT payments	ACC2SWIFT: Account-to-SWIFT outgoing payments sent via the SWIFT network. SWIFT2ACC: SWIFT-to-account incoming payments received via the SWIFT network.
Local payments	ACC2LOCAL: Account-to-local outgoing local payments. LOCAL2ACC: Local-to-account incoming local payments.

In this guide, you will find information about:

Initiate outgoing payments

Payment operations