Further reading on how to create periodic payments with Yapily.
Periodic payments are payments which the user can configure from an
Institution to pay an entity based on a schedule. In the UK,
this is also known as a standing order. It is possible to create either domestic or international periodic payments provided
Institution supports either of the following features in the
Note: Open Banking only provides the means to send the payment initiation request to the
Institution so it is not possible to
modify or cancel a periodic through Open Banking, nor is it possible to receive confirmation of the whether each payment in a
periodic payment was successfully credited to the payee bank account.
Domestic Periodic Payments
A periodic payment can be created by specifying all the mandatory properties of a Single Payment including:
paymentRequest.paymentDateTime(mandatory) - Specify the date of the first payment
along with the following properties in the PeriodicPaymentRequest:
frequency(mandatory) - Specify how frequent to make payments. See payment frequency for more information
numberOfPayments(conditional) - Specify if you plan to make a fixed amount of payment as opposed to ending a payment schedule on a given date
nextPaymentAmount(conditional) - If the first amount (defined by
paymentRequest.amount) is different from the planned schedule amount, specify this to set the recurring amount.
nextPaymentDateTime(conditional) - If the first date (defined by
paymentDateTime) does not fall on a date defined by the planned schedule, specify this to set the first recurring payment date.
finalPaymentAmount(conditional) - Specify if the final payment amount differs from the value specified by
finalPaymentDateTime(conditional) - Specify if the final payment is to end on a specific day outside the recurring schedule
International Periodic Payments
While rarely supported by every
Institution, if the
CREATE_INTERNATIONAL_PERIODIC_PAYMENT feature is available, it is possible
to make international periodic payments.
paymentFrequency should be set for periodic payments. The enumerations available are summarised in the table below.
|Every working day||-||-||-||
|Every 15th day of the month||15||-||-||
|Every week, on the 3rd day of the week||3||1||-||
|Every 2 weeks, on the 3rd day of the week||3||2||-||
|Every 3 weeks, on the 3rd day of the week||3||3||-||
|Every month, on the 2nd week of the month and on the 3rd day of the week||3||2||1||
|Every month, on the first day of the month||1||-||1||
|Every 2 months, on the 15th day of the month||15||-||2||
|Every 3 months, on the 15th day of the month||15||-||3||
|Every 6 months, on the 15th day of the month||15||-||-||
|Every 12 months, on the 3rd day of the month||3||-||-||