What is a Transaction Set?
You have probably worked on your project for months on end, however, we have not. In order for us and the financial services sponsors we work with, we need to have a very clear understanding (black and white), of the transactions you wish to perform under your project.
So, what are transactions?
Any time, a user or administrator-issued command is given to make a read, write, or adjustment on the database, typically that is a transaction. While this may seem complex, let me break it down really simply some examples of transactions for you.
- A deposit into a savings account.
- An account balance request.
- Moving funds from ACH and crediting to a wallet.
- Charging a credit card.
- Deducting commission on a transaction.
- Moving funds between banks.
- Moving funds within the bank, from one account to another.
- Splitting a bill.
- Paying a bill.
- Paying network access charges on a card network.
- FX conversion fee.
- Minimum account maintenance deductible.
- Moving money from checking into a savings account.
- Conversion from one-asset class into another (fiat-to-crypto and vice versa)
- Interest on a transaction.
- Interest on a deposit.
- Any mathematical calculation that adjusts a balance or updates a balance.
- Paying out.
- Paying in.
- Loading/Off-Loading funds.
All these are transactions.
With the limited time we have with our financial services providers, we have to be very exact on the transaction set and need you to be equally clear with us so that nothing is lost in translation and there isn’t a time where an assumption was made on a service being there (or not) and that wasn’t the case going forward.
With this in mind, please kindly be as detailed as you can with regard to your transaction set. The more clarity you can offer, the quicker we can understand your requirements and provide you with a solution.
Looking forward to your submission.
This page was last updated on September 14, 2022.