Sending a payout over local rails

Overview

Modern Treasury supports paying counterparties in foreign countries via their local payment rails. For example, if you have a counterparty in the UK, you may want to pay them via BACS. Payouts via local payment rails are an alternative to SWIFT wires, which can be more costly.

We support two paths to paying out via local payment rails.

  1. If your bank supports foreign currency accounts and local payment rails, you can connect your bank to Modern Treasury. For the list of banks and payment rails they support, refer to Using foreign currency accounts.
  2. You may use Currencycloud, a global payments platform, that allows businesses to payout globally both via local payment rails and SWIFT wires. For more on how to configure Currencycloud, refer to Using Currencycloud.

In this guide, we will walk you through:

  • How to send a payout via Bacs for the UK
  • How to send a payout via SEPA for the EU
  • How to send a payout via BECS for Australia

Sending a Bacs payout

Bacs is a local payment rail in the UK. Modern Treasury supports sending Bacs direct credits to counterparties.

To send a Bacs credit, you must first configure the counterparty in Modern Treasury. You will supply the account number and the sort code for their bank account.

curl --request POST \
  -u ORGANIZATION_ID:API_KEY \
  --url https://app.moderntreasury.com/api/counterparties \
  -H 'Content-Type: application/json' \
  -d '{
    "name": "Kenner, Bach and Ledeen",
    "accounts": [
      {
        "account_type": "checking",
        "routing_details": [
          {
            "routing_number_type": "gb_sort_code",
            "routing_number": "230580"
          }
        ],
        "account_details": [
          {
            "account_number": "12345678"
          }
        ]
      }
    ]
  }'
{
  "id":"37ba4454-dd33-4aa0-8906-0e2e4103e45c",
  "object": "counterparty",
  "name":"Kenner, Bach and Ledeen",
  "email":null,
  "metadata":{},
  "accounts": [
    {
      "id":"5acec2ef-987b-4260-aa97-b719eeb0a8d5",
      "object": "external_account",
      "account_type":"checking",
      "party_name":"Kenner, Bach and Ledeen",
      "party_type":null,
      "party_address":null,
      "account_details": [
        {
          "id":"81a7cd32-39f5-4f0c-873f-4d9137ec9cd9",
          "object": "account_detail",
          "account_number":"12345678",
          "account_number_type":"other",
          "created_at": "2019-11-09T00:11:07Z",
          "updated_at": "2019-11-09T00:11:07Z"
        }
      ],
      "routing_details": [
        {
          "id":"5ceb251f-0235-48a2-81cb-0c668f5ee81b",
          "object": "routing_detail",
          "payment_type":null,
          "routing_number":"230580",
          "routing_number_type":"gb_sort_code",
          "created_at": "2019-11-09T00:11:07Z",
          "updated_at": "2019-11-09T00:11:07Z"
        }
      ],
      "created_at": "2019-11-09T00:11:07Z",
      "updated_at": "2019-11-09T00:11:07Z"
    }
  ],
  "created_at": "2019-11-09T00:11:07Z",
  "updated_at": "2019-11-09T00:11:07Z"
}

Next, you will create a payment order using the external account created in the previous response.

curl --request POST \
  -u ORGANIZATION_ID:API_KEY \
  --url https://app.moderntreasury.com/api/payment_orders \
  -H 'Content-Type: application/json' \
  -d '{
    "type": "bacs",
    "amount": 1000,
    "direction": "credit",
    "currency": "GBP",
    "originating_account_id": "0f8e3719-3dfd-4613-9bbf-c0333781b59f",
    "receiving_account_id": "5acec2ef-987b-4260-aa97-b719eeb0a8d5"
  }'
{
  "id": "c5f4009c-bdd6-4cc1-84b2-17974ac9e77a",
  "object": "payment_order",
  "type": "bacs",
  "amount": 1000,
  "direction": "credit",
  "originating_account_id": "0f8e3719-3dfd-4613-9bbf-c0333781b59f",
  "receiving_account": {
    "id": "5acec2ef-987b-4260-aa97-b719eeb0a8d5",
    "object": "external_account",
    "account_type": "checking",
    "party_name": "Kenner, Bach & Ledeen",
    "party_type": null,
    "party_address": null,
    "account_details": [
      {
        "id": "81a7cd32-39f5-4f0c-873f-4d9137ec9cd9",
        "object": "account_detail",
        "account_number": "12345678",
        "account_number_type": "other",
        "created_at": "2019-11-09T00:11:07Z",
        "updated_at": "2019-11-09T00:11:07Z"
      }
    ],
    "routing_details": [
      {
        "id": "5ceb251f-0235-48a2-81cb-0c668f5ee81b",
        "object": "routing_detail",
        "payment_type": null,
        "routing_number": "230580",
        "routing_number_type": "gb_sort_code",
        "created_at": "2019-11-09T00:11:07Z",
        "updated_at": "2019-11-09T00:11:07Z"
      }
    ],
    "created_at": "2019-11-09T00:11:07Z",
    "updated_at": "2019-11-09T00:11:07Z"
  },
  "receiving_account_id": "5acec2ef-987b-4260-aa97-b719eeb0a8d5",
  "receiving_account_type": "external_account",
  "accounting_category_id": null,
  "currency": "GBP",
  "effective_date": "2018-11-19",
  "priority": "normal",
  "description": null,
  "statement_descriptor": null,
  "remittance_information": null,
  "metadata": {},
  "status": "approved",
  "counterparty_id": "37ba4454-dd33-4aa0-8906-0e2e4103e45c",
  "transaction_ids": [],
  "charge_bearer": null,
  "foreign_exchange_indicator": null,
  "foreign_exchange_contract": null,
  "created_at": "2019-11-09T00:11:07Z",
  "updated_at": "2019-11-09T00:11:07Z"
}

Sending a SEPA payout

Single Euro Payments Area (SEPA) is a local payment rail in the EU. Modern Treasury supports sending SEPA credit transfers to counterparties.

To send a SEPA credit transfer, you must first configure the counterparty in Modern Treasury. You will supply the IBAN number and the SWIFT code for their bank account.

curl --request POST \
  -u ORGANIZATION_ID:API_KEY \
  --url https://app.moderntreasury.com/api/counterparties \
  -H 'Content-Type: application/json' \
  -d '{
    "name": "Kenner, Bach and Ledeen",
    "accounts": [
      {
        "account_type": "checking",
        "routing_details": [
          {
            "routing_number_type": "swift",
            "routing_number": "CITIDEFF"
          }
        ],
        "account_details": [
          {
            "account_number": "DE89502109000213203002",
            "account_number_type": "iban"
          }
        ]
      }
    ]
  }'
{
  "id":"37ba4454-dd33-4aa0-8906-0e2e4103e45c",
  "object": "counterparty",
  "name":"Kenner, Bach and Ledeen",
  "email":null,
  "metadata":{},
  "accounts": [
    {
      "id":"5acec2ef-987b-4260-aa97-b719eeb0a8d5",
      "object": "external_account",
      "account_type":"checking",
      "party_name":"Kenner, Bach and Ledeen",
      "party_type":null,
      "party_address":null,
      "account_details": [
        {
          "id":"81a7cd32-39f5-4f0c-873f-4d9137ec9cd9",
          "object": "account_detail",
          "account_number":"DE89502109000213203002",
          "account_number_type":"iban",
          "created_at": "2019-11-09T00:11:07Z",
          "updated_at": "2019-11-09T00:11:07Z"
        }
      ],
      "routing_details": [
        {
          "id":"5ceb251f-0235-48a2-81cb-0c668f5ee81b",
          "object": "routing_detail",
          "payment_type":null,
          "routing_number":"CITIDEFF",
          "routing_number_type":"swift",
          "created_at": "2019-11-09T00:11:07Z",
          "updated_at": "2019-11-09T00:11:07Z"
        }
      ],
      "created_at": "2019-11-09T00:11:07Z",
      "updated_at": "2019-11-09T00:11:07Z"
    }
  ],
  "created_at": "2019-11-09T00:11:07Z",
  "updated_at": "2019-11-09T00:11:07Z"
}

Next, you will create a payment order using the external account created in the previous response.

curl --request POST \
  -u ORGANIZATION_ID:API_KEY \
  --url https://app.moderntreasury.com/api/payment_orders \
  -H 'Content-Type: application/json' \
  -d '{
    "type": "sepa",
    "amount": 1000,
    "direction": "credit",
    "currency": "EUR",
    "originating_account_id": "0f8e3719-3dfd-4613-9bbf-c0333781b59f",
    "receiving_account_id": "5acec2ef-987b-4260-aa97-b719eeb0a8d5"
  }'
{
  "id": "c5f4009c-bdd6-4cc1-84b2-17974ac9e77a",
  "object": "payment_order",
  "type": "sepa",
  "amount": 1000,
  "direction": "credit",
  "originating_account_id": "0f8e3719-3dfd-4613-9bbf-c0333781b59f",
  "receiving_account": {
    "id": "5acec2ef-987b-4260-aa97-b719eeb0a8d5",
    "object": "external_account",
    "account_type": "checking",
    "party_name": "Kenner, Bach & Ledeen",
    "party_type": null,
    "party_address": null,
    "account_details": [
      {
        "id": "81a7cd32-39f5-4f0c-873f-4d9137ec9cd9",
        "object": "account_detail",
        "account_number": "DE89502109000213203002",
        "account_number_type": "iban",
        "created_at": "2019-11-09T00:11:07Z",
        "updated_at": "2019-11-09T00:11:07Z"
      }
    ],
    "routing_details": [
      {
        "id": "5ceb251f-0235-48a2-81cb-0c668f5ee81b",
        "object": "routing_detail",
        "payment_type": null,
        "routing_number": "CITIDEFF",
        "routing_number_type": "swift",
        "created_at": "2019-11-09T00:11:07Z",
        "updated_at": "2019-11-09T00:11:07Z"
      }
    ],
    "created_at": "2019-11-09T00:11:07Z",
    "updated_at": "2019-11-09T00:11:07Z"
  },
  "receiving_account_id": "5acec2ef-987b-4260-aa97-b719eeb0a8d5",
  "receiving_account_type": "external_account",
  "accounting_category_id": null,
  "currency": "EUR",
  "effective_date": "2018-11-19",
  "priority": "normal",
  "description": null,
  "statement_descriptor": null,
  "remittance_information": null,
  "metadata": {},
  "status": "approved",
  "counterparty_id": "37ba4454-dd33-4aa0-8906-0e2e4103e45c",
  "transaction_ids": [],
  "charge_bearer": null,
  "foreign_exchange_indicator": null,
  "foreign_exchange_contract": null,
  "created_at": "2019-11-09T00:11:07Z",
  "updated_at": "2019-11-09T00:11:07Z"
}

Sending a BECS payout

Bulk Electronic Clearing System (BECS) is a local payment rail in Australia. Modern Treasury supports sending BECS credit transfers to counterparties.

To send a BECS credit transfer, you must first configure the counterparty in Modern Treasury. You will supply the account number number and the Australian Bank State Bank (BSB) code for their bank account.

curl --request POST \
  -u ORGANIZATION_ID:API_KEY \
  --url https://app.moderntreasury.com/api/counterparties \
  -H 'Content-Type: application/json' \
  -d '{
    "name": "Kenner, Bach and Ledeen",
    "accounts": [
      {
        "account_type": "checking",
        "routing_details": [
          {
            "routing_number_type": "au_bsb",
            "routing_number": "062903"
          }
        ],
        "account_details": [
          {
            "account_number": "12345678"
          }
        ]
      }
    ]
  }'
{
  "id":"37ba4454-dd33-4aa0-8906-0e2e4103e45c",
  "object": "counterparty",
  "name":"Kenner, Bach and Ledeen",
  "email":null,
  "metadata":{},
  "accounts": [
    {
      "id":"5acec2ef-987b-4260-aa97-b719eeb0a8d5",
      "object": "external_account",
      "account_type":"checking",
      "party_name":"Kenner, Bach and Ledeen",
      "party_type":null,
      "party_address":null,
      "account_details": [
        {
          "id":"81a7cd32-39f5-4f0c-873f-4d9137ec9cd9",
          "object": "account_detail",
          "account_number":"12345678",
          "account_number_type":"other",
          "created_at": "2019-11-09T00:11:07Z",
          "updated_at": "2019-11-09T00:11:07Z"
        }
      ],
      "routing_details": [
        {
          "id":"5ceb251f-0235-48a2-81cb-0c668f5ee81b",
          "object": "routing_detail",
          "payment_type":null,
          "routing_number":"062903",
          "routing_number_type":"au_bsb",
          "created_at": "2019-11-09T00:11:07Z",
          "updated_at": "2019-11-09T00:11:07Z"
        }
      ],
      "created_at": "2019-11-09T00:11:07Z",
      "updated_at": "2019-11-09T00:11:07Z"
    }
  ],
  "created_at": "2019-11-09T00:11:07Z",
  "updated_at": "2019-11-09T00:11:07Z"
}

Next, you will create a payment order using the external account created in the previous response.

curl --request POST \
  -u ORGANIZATION_ID:API_KEY \
  --url https://app.moderntreasury.com/api/payment_orders \
  -H 'Content-Type: application/json' \
  -d '{
    "type": "becs",
    "amount": 1000,
    "direction": "credit",
    "currency": "AUD",
    "originating_account_id": "0f8e3719-3dfd-4613-9bbf-c0333781b59f",
    "receiving_account_id": "5acec2ef-987b-4260-aa97-b719eeb0a8d5"
  }'
{
  "id": "c5f4009c-bdd6-4cc1-84b2-17974ac9e77a",
  "object": "payment_order",
  "type": "becs",
  "amount": 1000,
  "direction": "credit",
  "originating_account_id": "0f8e3719-3dfd-4613-9bbf-c0333781b59f",
  "receiving_account": {
    "id": "5acec2ef-987b-4260-aa97-b719eeb0a8d5",
    "object": "external_account",
    "account_type": "checking",
    "party_name": "Kenner, Bach & Ledeen",
    "party_type": null,
    "party_address": null,
    "account_details": [
      {
        "id": "81a7cd32-39f5-4f0c-873f-4d9137ec9cd9",
        "object": "account_detail",
        "account_number": "12345678",
        "account_number_type": "other",
        "created_at": "2019-11-09T00:11:07Z",
        "updated_at": "2019-11-09T00:11:07Z"
      }
    ],
    "routing_details": [
      {
        "id": "5ceb251f-0235-48a2-81cb-0c668f5ee81b",
        "object": "routing_detail",
        "payment_type": null,
        "routing_number": "062903",
        "routing_number_type": "au_bsb",
        "created_at": "2019-11-09T00:11:07Z",
        "updated_at": "2019-11-09T00:11:07Z"
      }
    ],
    "created_at": "2019-11-09T00:11:07Z",
    "updated_at": "2019-11-09T00:11:07Z"
  },
  "receiving_account_id": "5acec2ef-987b-4260-aa97-b719eeb0a8d5",
  "receiving_account_type": "external_account",
  "accounting_category_id": null,
  "currency": "AUD",
  "effective_date": "2018-11-19",
  "priority": "normal",
  "description": null,
  "statement_descriptor": null,
  "remittance_information": null,
  "metadata": {},
  "status": "approved",
  "counterparty_id": "37ba4454-dd33-4aa0-8906-0e2e4103e45c",
  "transaction_ids": [],
  "charge_bearer": null,
  "foreign_exchange_indicator": null,
  "foreign_exchange_contract": null,
  "created_at": "2019-11-09T00:11:07Z",
  "updated_at": "2019-11-09T00:11:07Z"
}

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