Handling Bank Account

Transfers Worldwide

There are two approaches used for processing of bank account transfers worldwide. These approaches are one-phase processing and two-phase processing. In both approaches the funds are cleared by a nation-wide financial authority called a clearing house. The difference between the two systems is as follows. In a two-phase system a merchant cannot start actually processing transactions until he submits the list of bank accounts through which he is going to process. Only after these accounts are registered by the financial authority and the merchant gets respective mandates, he can start processing transactions through these accounts. One-phase processing system is less complex, but the two-phase system is more reliable.

Handling Bank Account Transfers Worldwide

Handling Bank Account Transfers Worldwide

Bank account transfers are widely used by businesses all around the globe. But the process of transferring money between bank accounts differs depending on the country. And if you want to add this functionality to your payment gateway you need to be aware of the peculiarities of the one or two-phase systems for professing of bank account transfers.

Handling Bank Account Transfers Worldwide

The diagram below describes step by step how processing of bank account transfers is organized in both systems.

Handling Bank Account Transfers Worldwide

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