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Version: 1.0.2

Process Flow – Outbound Message

The process flow of initiating and processing transactions is as given below and represented in the following image.

Transaction Process Flow

note

The transaction can be initiated on checking if the status of participant is 'Online'

  1. Payment Initiation: The Payor begins the transaction by initiating a payment with their bank. The payment details include the recipient, the amount, and any other relevant details.

  2. FI Processing: The Sender's bank validates the payment, ensuring that sufficient amount and the necessary KYC details are available and sends the payment to XD Payments Platform application.

  3. XD Payments Processing: XD Payments platform validates the payment request, checks the availability of beneficiary FI and posts the message to the FedNow/ TCH RTP network.

  4. Payment Processing: The Payment processor verifies the transaction details and facilitates the transaction process between the Sender's and Receiver's banks.

  5. Payment Completion:

    • The Receiver's bank takes over the transaction, and ensures proper credit of fund to the Receiver's account.
    • The Receiver's account is credited with the specified payment amount, and the transaction is completed.

  6. Payment Confirmation: To confirm the successful credit, the receiver (Receiver’s bank account) sends an acknowledgement message to the Receiving FI.

  7. Payment Acknowledgement: The Receiving FI acknowledges the credit of payment to TCH/FedNow processor. This acknowledgement serves as a confirmation from the Receiving FI that the funds have been successfully credited to the receiver's account.