Welcome to chapter three of our API 101 series, where we offer useful information to help you navigate our platform and understand how you can use our APIs. In this chapter, we cover Open Platform’s Move Money service. If you missed chapters one or two, you can access them here: API 101: The Basics and API 101: Accounts.
What is Open Platform’s Move Money service?
Our Move Money service gives you access to multiple payment methods through one, easy-to-implement endpoint.
Through our single, unified payments endpoint you can initiate a funds transfer via standard, same day or next day ACH, electronic bill pay, internal transfers or real-time payments.
Our Move Money service is white labeled and equipped with built-in business logic, so you can focus on building a beautiful user experience without needing to become a US banking, clearing or payments expert in order to transfer funds.
Can I use Open Platform’s APIs to move funds between two bank accounts that are NOT BBVA Compass accounts?
Yes! Our Move Money service allows you to process payments between an origin demand deposit accounts and a destination demand deposit bank account anywhere in the US.
This means you can serve customers across the US, regardless of whether or not they are existing BBVA Compass customers.
How long will it take to send or receive funds via Open Platform’s APIs?
Our Move Money service supports a range of payment methods, so the amount of time it takes to process a transaction varies depending on which payment method you use.
- Transactions between two BBVA Compass Bank accounts connected through Open Platform are generally processed in real time.
- Transactions between a BBVA Compass Bank demand deposit account connected through Open Platform and an external US demand deposit account are processed using the Automated Clearing House (ACH). ACH transactions will normally settle within one to three business days.
- Real-time payments from a BBVA Compass Bank account to a Visa® or MasterCard® debit card or reloadable Visa® or MasterCard® prepaid card normally settle in 30 minutes.
If I currently use Open Platform’s ACH service, do I have to do another integration to start using Open Platform’s bill pay or real-time payments services?
The short answer, no. Our APIs are built for efficiency and scale, so we offer one simple, unified payments endpoint that provides access to multiple payment methods.
This means that through a single integration, you get access to multiple ways to pay, including ACH, bill pay, internal transfers and real-time payments. If you currently use ACH and want to begin sending funds in real time through our push payments service, our team will help you get set up to start moving funds in a new way. We may need to collect some additional information from you, but you won’t have to go through another integration and you will still be able to send funds through the same endpoint, using only three parameters.
How will I know when my funds have arrived at their destination?
Open Platform provides real-time notifications to increase transparency and insight on transactions. Webhook and SQS notifications let you tell your customers where their funds are in real time.
Can I send funds outside of the US?
Right now, our Move Money service operates exclusively in the US. This means that you can move funds between accounts and cards held at or issued by US domiciled banks. Our capabilities are constantly evolving and we expect to support international transactions in the future so stay tuned for more!
Our Move Money service has a lot of exciting features! If you have a question that wasn’t covered in this article, click here to learn more about Move Money or get in touch with one of our payments experts. We’re happy to answer your questions.
–The Open Platform Team