Scheduled payment recurrence intervals

Question

Scheduled payment intervals are to be formatted according to  ISO 8601 Durations. For example, see the CDS schema BankingScheduledPaymentInterval.

If interval = P3M, and there is no specific day for the payment, then is dayInInterval = P90D, based on processing the payment always on the last day of the interval. 

Answer

A dayInInterval value of P90D would indicate the last day of a three month interval, if all three  consecutive months had 30 days in them.

If the dayInInterval value is greater than the number of days in the interval, the payment takes place on the last day of the interval, so P100D would indicate the last day. The value P0D also indicates payment is on the last day of the interval. 

Question

If interval = P3M, a specific day is the 10th of the month, then what is the correct value for dayInInterval?

Answer

If the payment is made on the 10th day once every 3 months, then the dayInInterval is P10D.

If the payment is instead made on the 10th day of every month, then the interval is P1M and the dayInInterval is P10D.

Further examples are available in the knowledge base article Scheduled Payment Recurrence and intervals.

Question

Our scheduled payment intervals begin on the day the first payment is made. In this case, the dayInInterval value is always P1D. The first payment is on the first day of the interval, and consequently all other payments are also on the first day of the interval. Is that the correct use of this field?

Answer

That is the correct interpretation of the dayInIntervalfield. The default is P1D for this reason. See the dayInInterval field description in BankingScheduledPaymentInterval. The dayInIntervalfield was introduced in response to a request to make the next payment date optional.