The purpose of a Velocity Limit is to limit a transaction in terms of amount and frequency, e.g. it might be allowed to withdraw 2,500€ per day on POS terminals in Europe
These rules are implemented with an initial customer specific Product setup and are set per default set as blocked or unblocked
The standard Velocity Limits are permanent and can be changed by creating some Velocity Limit Overrides
The standard Velocity Limits for Card Control are
- Cash (ATM, branch, POS)
- eCommerce
- POS
- NFC
Each standard Velocity Limits are set with
- a minimum amount and a flag, if this amount should be checked
- a maximum amount and a flag, if this amount should be checked
- a maximum counter and a flag, if this amount should be checked
A default velocity limit can further be combined with a country or a region, e.g.
- ATM daily limit in Italy
- ATM daily limit in the European Economic Area (w/o Italy)
- ATM daily limit worldwide (w/o the EEA)
When an account is created, the default Velocity Limits defined on Product level are applied
In order to List velocity limits for account, the API GET /issuers/{issuerId}/accounts/{accountReference}/velocity-limits should be used by providing the issuerId of the Issuer and accountReference identifying the Account
In our solution each Velocity Limit is identified by an velocityLimitReference and it's possible to Retrieve velocity limit using GET /issuers/{issuerId}/accounts/{accountReference}/velocity-limits/{velocityLimitReference} API