Overview
This section provides general information about the solution, terminology description and a high-level description of the business and technical of the Payouts solution.
Terminology
| Name | Description |
| Customer |
Institution uses Verestro Platform. This institution decides which product should be used and how transaction should be processed. Basically, Customer can be called Verestro Client.
|
| Card |
Card belongs to the user. User can have many cards. Card is identified via internal id given after storing card on Verestro Wallet Server. Whole PAN is stored on Wallet Server which has PCI DSS certificate.
|
| Sender |
Partner’s user which triggers transaction to the Receiver (check User description).
|
| Receiver |
Entity which gets funds sent by Sender. |
| PCI DSS |
PCI DSS (Payment Card Industry Data Security Standard) is a security standard used in environments where the data of payment cardholders is processed. The standard covers meticulous data processing control and protection of users against violations.
|
Verestro Payouts
Verestro Payouts solution was created to make it easier for customers to transfer money from account to Mastercard and VISA cards. The picture below is presenting Payout API workflow.
- Partner integrates with API provided by Verestro and presents new type of transfers in internet or mobile app.
- Partner signs contract with Fenige (financial institution) and user approves T&C of Fenige during transaction sending.
- Partner gets fees from user (Sender) and/or from Fenige for money transfers.
- Money transfers work globally.