With the Tuum BackOffice platform, you can initialise outgoing payments, and manage incoming and outgoing payments.
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:
Payment initiation: Creating a draft of the payment order and confirming it.
Anti Money Laundering (AML) check: Ensuring the payment passes money-laundering prevention measures.
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.
Receiving message of incoming payments: Receiving a file that consists of one or several incoming payments.
Anti Money Laundering (AML) check: Ensuring the payment passes money-laundering prevention measures.
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.
Each payment type has dedicated type codes used in the Tuum system to identify the type and direction of the payment.
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:
Payer - A private or legal person to a payment transaction that issues the payment order or agrees to transfer the money to the payee.
Beneficiary or Payee - The person receiving the money from a payment transaction.
Payment counterparties - The parties participating in the payment transaction - payer and beneficiary.
Payment - A transfer of funds that discharges an obligation on the part of a payer vis-à-vis a payee. However, the term is in Tuum also used as a synonym for “payment order”.
Payment order - An order or message requesting a money transfer from the payer to the payee.
IBAN - An International Bank Account Number. The number contains the account number, bank and branch information and country code.
BBAN - The Basic Bank Account Number. The number contains the domestic bank code, branch identifier, and account number.
BIC - An eight-digit number referred to as Business Identifier Code, also known as SWIFT code.
Payment operator - A generic term for any financial institution employee responsible for monitoring and resolving issues related to payment processing. In practice, organisations might divide the tasks of the payment operator between several persons according to the division of work within their organisation.
Payment Service Provider - A bank or a clearing and settlement mechanism or a payment intermediary providing a settlement service for Tuum customers.