Create Payout

post https://api.finmo.net/v1/payout

Payout in Finmo terminology means money to be sent out to your beneficiaries from your Finmo account. Finmo here acts as a remitter of funds for both domestic & cross-border money transfers. Typically a Finmo Payout could be a domestic fund transfer like NPP in AU, FAST in SG, ACH in US, SEPA SCT in EU or wire transfers using SWIFT.

The platform is available through an API integration as well as you can do Payouts via the dashboard.

To be able to use Payouts via Finmo, you would need to load funds to your Payout wallet. You can create a checkout page via the dashboard or top-up using a static virtual Account associated with your Payout wallet.

Finmo support the following use-cases for disbursing funds out of your Finmo account:

Digital Goods and Marketplaces
Payroll payments
Payout to suppliers (B2B)
Move funds between your own entities

To be able to successfully perform a Payout via the Finmo platform you would need the following APIs in consideration:

Step 1 : List all Payout methods by Currency & Country - This API will provide you all the Payout methods supported for a country/currency combination.
Step 2 : Get the required fields by Payout method - This API will provide you the SENDER and BENEFICIARY objects that are required to perform the payout.
Step 3 : Validate beneficiary details (Optional)- This API verifies beneficiary details using either the beneficiary_id or the supplied payout_beneficiary information.
Step 4 : The platform also offers the option to create & save both SENDER & BENEFICIARY tokens for you so you don't need to provide the details again in the API or even store them at your end. Instead you provide these tokens in the Create Payout API and complete the transaction.
Step 5 : To complete your simulation in the sandbox, you must run Simulate Payout.

Payout Status & Webhook Notifications

Finmo will notify you of the payout status via webhooks. You can always choose to configure a static webhook listener URL via the dashboard or you can send a dynamic webhook URL in the Create Payout request.

When a Payout is created, Finmo puts a hold (RESERVE) of the transferred amount on your Available Balance and triggers a PAYOUT_CREATED webhook. Payout status changes to PENDING.
When a Payout is completed i.e. the underlying partner/bank provides us the confirmation that they have processed# the payout, Finmo will RELEASE the hold and update the Current Balance and creates a DEBIT transaction on the Payout Wallet. Finmo will send you PAYOUT_COMPLETED webhook and Payout status changes to COMPLETED.
In case a Payout fails, Finmo will send you a PAYOUT_FAILED webhook. Payin status changes to FAILED.

NOTE: For Payouts such as SWIFT wires or Direct Entry, PAYOUT_COMPLETED webhook does not mean that the beneficiary has received the funds. It just means that the sender bank has processed the transaction request from their end to the underlying network successfully. In case the recipient bank or any correspondent bank involved fails to process the transaction (could be due to an 'invalid' or an 'inactive' account number), the funds are returned back to Finmo and PAYOUT_FAILED webhook will be sent. Payout status changes from COMPLETED to FAILED and funds are credited back to your Payout wallet. For real-time transfers such as NPP in AU or FAST in SG, mostly, 99% of the cases if Payout status is COMPLETED means the beneficiary has received the funds.