EB v1.2.2 Release Notes
Apiture’s third embedded banking component – Transfers and Recent Transfer History, is the latest in a series of embedded banking components for Financial Institutions (FIs) and their non-bank partners.
The Transfers component is designed to operate inside an iFrame of a web application that is operated by the FI or its non-bank partner. It allows the authorized user to schedule simple transfers. If the institution is configured with One Time Passcode (OTP) identity challenge then the user must complete the identity challenge via text or email.
The Transfers component can be embedded in 3rd party applications. The user has access to all the accounts at the FI eligible for transfers, which are listed in the Transfers component drop downs. The user also has access to any external accounts already linked to their FI account.
The user can choose the date on which to schedule the transfer and the amount of the transfer.
Advanced transfers, including recurring transfers and multiple account transfers are not supported. The user can click the link to Go to Advanced Transfers which opens a browser tab for digital banking and shows the advanced transfer page on the FI’s full digital banking website.
The Transfers component can be configured so that the user can see a paginated list of Recent Single Transfers, which includes pending single transfers. The user can also choose to see All Transfer History by selecting the all transfer history link at the bottom of the component. Alternatively, the Recent Single Transfers section can also be hidden if it is not desired.
In the following example, a transfer is made from an internal account to an external account from another institution. The balance for the internal account is viewable while the balance for the external account is not available (N/A).
A confirmation popup allows the user to Submit Transfer or Go Back if they need to make adjustments.
If the FI uses identity challenges for transfer approval, a One Time Passcode (OTP) is either emailed to the user or set via SMS text to their registered cellphone based on the user’s selection.
Once the OTP is entered correctly, the success message is displayed with a Transfer ID for the transaction.
Note: If the user fails the OTP check too many times, for security reasons, their account is locked and the user must call support to get the account unlocked.
The component does not display a cutoff time when scheduling a transfer on today’s date. This feature is planned for a future enhancement.