Diagram on How Processing of Bank Account Transfers work

Written by

James Davis

Written by James Davis

Senior Technical Writer at United Thinkers

Author of the Paylosophy blog, a veteran writer, and a stock analyst with extensive knowledge and experience in the financial services industry that allows me to cover the latest payment industry news, developments, and insights. Read more

Reviewed by

Kathrine Pensatori

Reviewed by Kathrine Pensatori

Product Specialist at United Thinkers

Product specialist with more than 10 years of experience in the Payment Processing Industry. I help payment facilitators and PSPs solve their various payment processing issues. Read more

Bank account transfers are widely used by businesses all around the globe. But the process of transferring money between bank accounts differs depending on the country. And if you want to add this functionality to your payment gateway you need to be aware of the peculiarities of the one or two-phase systems for professing of bank account transfers.

The diagram below describes step by step how processing of bank account transfers is organized in both systems. Additional information on this topic can be found in the respective article at Paylosophy blog.

Diagram Bank Account Transfers