Single Payment is an instant, account-to-account bank payment performed using Open Banking standards and infrastructure.
Payment, after being initialized with one of Volume's UX components, goes through a payment flow presented below:
- Merchant displays one of Volume's UX payment components with payment parameters (amount, currency, reference) provided.
- Customer has the option to change the bank he wants to pay money from. Once the bank is selected customer initializes payment by pressing the pay button.
- Customer is redirected to the bank application to perform payment authorization. First, he authenticates within the application, using biometrics or account credentials. Then he is presented with payment details and the choice to either confirm or cancel the payment.
- At this point Volume's system receives payment status that depends on the customer's interaction with the bank application, and forwards this status to the merchant, by using the: