[ARCHIVE] BankingTransaction transaction type descriptions

Archived 2024-10-17. See CDS Guide, Guidance on BankingTransaction

Question

Payload: BankingTransaction schema

Is there a more detailed definition of the Consumer Data Standards transaction types?

• Fee
• Interest Charged
• Interest Paid
• Transfer_Outgoing
• Transfer Incoming
• Payment
• Direct Debit
• Other

Finally, is there additional definition of how Status is defined as 'Pending' and 'Posted'.

Answer

The interpretation of these enumerations have been specifically left to the discretion of 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.  The actual application of these types to individual transactions was then left to data holders to determine based on their existing digital channels and existing ledger implementations.