Accounts are used to process operations, manage a balance in a dedicated currency, control the credit risk, perform transaction charging, calculate interest (credit or debit), generate an invoice (statement), process payments.
Three types of account working modes are being supported; Pay Later, Pay Now, Pay Before.
- Pay Later account working mode is used to implement classical credit card products like charge cards or revolving credit. Pay later accounts are settled by a cyclic closure process and typically produce an invoice (statement) with an amount due which can represent the full or partial statement balance. Credit or debit interest algorithms may apply.
- Pay Now account working mode is used for all types of debit cards. Such accounts are typically settled in short frequencies (e. g. daily) and produce debit orders, immediately forwarded to customers’ current accounts. Interest calculation never applies.
- Pay Before account working mode is used for the wide range of prepaid card products. The balance is always positive.
The below diagram presents different use cases covered by the API in the account domain.
