Payment instruments
A payment instrument represents a financial entity that can be used for processing payments, invoicing, and reconciliation. It contains essential details about the funding source, such as a bank account or other financial methods, and provides metadata related to its status and capabilities.
Payment Instruments can be linked to accounts and may support open banking functionalities, enabling automated reconciliation and transaction monitoring. Depending on its configuration, a payment instrument can be used to facilitate direct debits, wire transfers, or other payment flows within getpaid.
Businesses benefit from payment instruments by securely managing financial transactions while ensuring compliance with regulatory requirements. They can be configured to support different levels of authorization and access, allowing users to control how funds are collected and distributed. When integrated with open banking, payment instruments provide enhanced visibility into transaction histories, improving cash flow management and financial reporting.
By leveraging payment instruments, businesses can streamline payment operations, reduce manual reconciliation efforts, and enhance financial transparency.
Note that every change performed on a payment instrument (create, disable, or enable) will alter the account version and can trigger some verification checks required on any capability.