Guidance on BankingTransaction

Banking Transaction Type

The BankingTransaction schema, type field has a small number of enumerated types, including:

• DIRECT_DEBIT
• FEE
• INTEREST_CHARGED
• INTEREST_PAID
• OTHER
• PAYMENT
• TRANSFER_INCOMING
• TRANSFER_OUTGOING

Interpretation of these enumerations has been specifically left to the discretion of the Data Holders.  This decision was taken in response to feedback during the original consultation process for transaction payloads.

The banking community  provided feedback   that transaction categorisation is highly disparate between institutions and that these fields should be excluded.  The recipient community provided feedback that these fields were very important to their use cases and were currently being obtained via screen scraping.

As a compromise the fields were included but with a small set of types that were likely to be interpreted in a relatively consistent manner.  Application of these types to individual transactions is at the discretion of the the Data Holder, based on their existing digital channels and existing ledger implementations.

Banking Transaction Status

The status field can contain the values PENDING or POSTED. The intended interpretation is that a PENDING transaction may change, while a POSTED transaction is assumed to be final.