Bank Transfers

A bank transfer is a financial transaction in which funds are moved from one bank account to another.

Bank transfers are commonly used to pay invoices, transfer money between accounts, make payroll payments or send money to others. They can be made between accounts at the same bank or at different banks.

With Mono, you can create bank transfers through API, upload an Excel file through the Mono Dashboard, or by manually filling a form.

Currently, we only support bank transfer within the Colombian banking network.

Bank transfers can have the following states:

created: Indicates that the transfer has been created in our system, but it has not yet been sent to the bank for processing.
in_progress: Indicates that the transfer is currently being processed by the bank. This includes steps such as verifying the account information, transferring the funds between accounts, and updating the account balances. This state occurs when the bank is working on executing the transfer, but it has not yet been completed.
approved: Indicates that the transfer has been approved by the bank and has been successfully executed. This means that the funds have been transferred from the source account to the destination account, and the account balances have been updated accordingly.
declined: Indicates that the transfer has been rejected by the bank and will not be executed. This may occur due to a variety of reasons, such as insufficient funds in the source account, invalid account information, or regulatory restrictions. These reasons are stored on the field declination_reason. To simulate declined transfers, please go to the sandbox section
cancelled: Indicates that the transfer has been canceled by a user. This occurs if the client decides to cancel the transfer before it has been sent to the bank.
duplicated: Indicates that the transfer has already been received in our system, and the repeated record will not be considered. This could be because the transfer was sent multiple times with the same "entity_id" field.

Bank transfers batch

A batch is a group of bank transfers that are processed together at the same time.

Bank transfers batches are useful in a number of situations, such as when making payroll payments to multiple employees, when transferring funds between multiple accounts, or when making regular payments to the same recipient. Bank transfers batches can save time and effort by allowing multiple transfers to be made at once, rather than having to initiate each transfer separately.

In Mono, every sending of transfers will create a batch, also in cases when you create transfers individually.

Bank transfers Batch can have the following states:

created: Indicates that the Bank transfers Batch has been received and not being authorized or processed yet.

Every bank transfer will be in state created.
pending_otp: Indicates that the Bank transfers Batch needs to be authorized by an Administrator user.
verified_otp: Indicates that the Bank transfers Batch was authorized and it's in preparation to be processed.
canceled: Indicates that the Bank transfers Batch was canceled by an Administrator user during preparation. Cancel a batch cancels its transfers.

Considerations:
- Every bank transfer will be in state canceled.
- It will send a webhook event called batch_canceled.
processing_transactions: Indicates that the Bank transfers Batch is in the process to apply for its transfers.
Considerations:
- Every bank transfer will be in state in_progress.
- It will send a webhook event called batch_sent.
partially_approved: Indicates that some of the batch transfers were approved by the destination banks.

Some of the transfers will mark as approved or declined.
declined: Indicates that all batch transfers were declined.

Transfers will also mark as declined
approved: Indicates that all batch transfers were approved by the destination banks.

Transfers will also mark as approved.
duplicated: Indicates that all batch transfers were marked as duplicated because they were received before in our system.

Considerations:
- Every bank transfer will be in state duplicated.
- It will send a webhook event called batch_duplicated.
- If there are transfers that are duplicated and others that are not, it will try to process the non-do duplicate transfers.