BankingTransaction type descriptions

Question

What is the difference between TRANSFER_INCOMING and a PAYMENT. For example, is a cheque_deposit a TRANSFER_INCOMING or a PAYMENT?

Answer

According to the Consumer Data Standards, the BankingTransaction schema holds enumerated values for the type field. Listed below are some descriptions of the enumerated values.

• TRANSFER_INCOMING represents a transfer payment into an account owned by the consumer. Hence a cheque_deposit is a TRANSFER_INCOMING.
• TRANSFER_OUTGOING represents a payment to another account.
• PAYMENT represents an outgoing payment like a BPAY payment or credit card merchant payment. A PAYMENT should not be incoming.

The difference between TRANSFER_OUTGOING and PAYMENT could at times be arbitrary and is therefore at the discretion of the Data Holder.