A funding account is the account or approved source from which money is provided for a payment. The provider may require the account name, currency, ownership, and funding method to match the approved business and payment instruction before processing begins.
Quick reference for Funding account
| Check | What it means for the transaction |
|---|---|
| Category | Global B2B payment operations |
| Record to keep | Keep the instruction, party and account identifiers, validation result, timestamps, institution references and reconciliation outcome. |
| Do not infer | Initiation, processing, clearing and settlement are different events. One status should not be used as proof of another. |
Funding account and nearby terms
- Payment initiation: Payment initiation is the creation and submission of an instruction asking a payment service provider or financial institution to transfer funds.
