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Scheduled Payment Convention Follow

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Neale Morison
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The DSB proposes the following convention:

Convention CDS-DC-0008

If the customer has a regular payment from a credit card account, mortgage or other facility then it should be shown as a scheduled payment in a way that is consistent with existing digital banking channels. 

A single future dated payment is considered a scheduled payment. 

Context

The purpose of the Scheduled Payment API is to facilitate visibility of movement from one account to another.  Scheduled payments are treated differently by each bank. Ultimately the CDR seeks to provide consistency with existing digital banking experiences rather than enforcing a change in conventions for Data Holders.

If the payment is a regular payment where money is transferred between the customer's accounts or to an external source, it is good to ensure the customer has visibility through a scheduled payment. Often scheduled items like home loan or mortgage payments are not easily discovered without scrolling through all transaction records.

Metadata

Convention ID CDS-DC-0008
Version 1
Status PROPOSED
Date proposed 2020-10-27

Comments

4 comments

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    Rajat Dey

    Scheduled Payments are  forward dated payments that are supposed to debit the account at some point in the future. How far back to we go to retrieve these for a given account? Do we just return forthcoming payments to the ADR?

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    Jarryd

    Hi Rajat Dey,

    It is at the discretion of the bank how to represent these items. Ultimately, the bank should align with how these types of payments are represented in other channels. 
     
    The Data Standards Body wouldn't expect historic scheduled payments to be returned, only active and ongoing payments the bank has scheduled.

    Thanks,

    -Jarryd

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    Rajat Dey

    Thanks Jarryd for your response. 

    Just one more point to clarify. In the definitions (explanations) above, the word 'recurring' has been emphasised. Would a one time future dated payment be also considered as a scheduled Payment ? after-all a single payment also provides visibility to ADRs on the future state of the account. 

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    Jarryd

    Rajat Dey a response to your query (you should have received a notification as well)

    Yes a single future dated payment would be considered a scheduled payment.   The recurrence union in the scheduled payment structure has a onceOff variant specifically to accommodate this scenario.

    Thanks,

    -Jarryd

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