Introduction
The Wire Transfer Regulations (WTR2) came into effect on June 26, 2017. The regulations require that accurate payer and beneficiary information accompanies the transfer of funds in order to further combat financial crimes and money laundering.
What does this mean for Currencycloud clients?
To comply with the regulations, the following information on payers are mandatory regardless of the type/origin/destination of the payment.
Payer (Individual)
- First Name
- Last Name
- Full Address
- Date of Birth
Payer (Company)
- Company Name
- Full Address
Note: The above is the minimum set of information required for all payments. Some payment types/currencies may have additional requirements.
WTR2 when using the Currencycloud API
Payer Required Details
Our Payer Required Details endpoint allows you to get the required payer details and their basic validation formats.
get /v2/reference/payer_required_details
| Key | Type | Value | Required |
|---|---|---|---|
| payer_country | string | GB | required |
| payment_type | string | "priority" or "regular" | required |
| payer_entity_type | string | "company" or "individual" | required |
Below is an example of a call and response:
Call:
/reference/payer_required_details?&payer_country=GB& payment_type=priority
Response:
{
"details": [
{
"payer_entity_type": "company",
"payment_type": "priority",
"required_fields": [
{
"name": "payer_country",
"validation_rule": "^[A-z]{2}$"
},
{
"name": "payer_city",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_address",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_postcode",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_company_name",
"validation_rule": "^.{1,255}"
}
]
},
{
"payer_entity_type": "individual",
"payment_type": "priority",
"required_fields": [
{
"name": "payer_country",
"validation_rule": "^[A-z]{2}$"
},
{
"name": "payer_city",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_address",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_postcode",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_first_name",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_last_name",
"validation_rule": "^.{1,255}"
},
{
"name": "payer_date_of_birth",
"validation_rule": "/A([+-]?d{4}(?!d{2}\b))((-?)((0[1-9]|1[0-2])(\u0003([12]d|0[1-9]|3[01]))?|W([0-4]d|5[0-2])(-?[1-7])?|(00[1-9]|0[1-9]d|[12]d{2}|3([0-5]d|6[1-6])))([T ]((([01]d|2[0-3])((:?)[0-5]d)?|24:?00)([.,]d+(?!:))?)?(\u000f[0-5]d([.,]d+)?)?([zZ]|([+-])([01]d|2[0-3]):?([0-5]d)?)?)?)?Z/"
}
]
}
]
}
Create/Update a Payment
Since WTR2 came into effect, payer details are mandatory for all payments regardless of the type/origin/destination of the payment. If any of these details are missing you will not be able to instruct payments.
The "Payer" is considered to be the individual or entity from where a particular payment originates. Depending on the payment model you operate, the payer will either be you or your client on whose behalf you are instructing the payment.
The exact information required can be determined by calling the Payer Required Detail endpoint. All relevant fields enabling you to submit payer details are available on the Create Payment and Update Payment endpoints.
1. Making payments where you are the payer
When you send funds to Currencycloud for conversion on your own behalf and instruct a payout to the ultimate beneficiary, you are considered the payer.
Flow of funds Currencycloud Client as Payer
Typically, you will fall under this operating model if you are a:
- Marketplace paying out to corporates/individuals
- Corporate/Individual making payments on your own behalf
- Prepaid card firm sending funds to issuers
- PSP acquiring card payments and paying out to merchants
There is no requirement to explicitly provide payer details for each payment. This information will be taken automatically from the details on your account. Please ensure that the Name, Address and Date of Birth (if applicable) on your account are provided and up to date. If any of these details are missing, you will not be able to instruct payments as payer details are mandatory.
2. Making payments where your client is the payer
Your customer is considered the payer when you collect funds from your customers and send to Currencycloud for conversion and payout to the ultimate beneficiary.
Flow of funds Currencycloud Client's Customer as Payer
Typically, you will fall under this operating model if you are a:
- FX Broker making payments on behalf of your customers
- Remittance/International Payments firm providing payments functionality to your customers via Currencycloud
You must provide the details of your customer in the Payer fields at the time of creating a payment using the "Create a Payment" API. Please ensure that the Name and Address on your account are also provided and up to date. If any of these details are missing you will not be able to instruct payments as payer details are mandatory.
Create/Update Account
In order to ensure that all new accounts have the required WTR2 information, the following fields on the Create Account and the Update Account endpoints are required. As a result, you cannot create or update an account without providing these details:
- street
- city
- country
- state_or_province - required only for US, Mexico and Canada
Create/Update Contact
In order to ensure that all new accounts have the required WTR2 information, the Date of Birth field on the Create Contact and the Update Contact endpoints is required. As a result, you will not be able to create or update a Contact without providing the Date of Birth.
Note: This only applies when the Contact belongs to an "individual" type of account.
WTR2 when using Currencycloud Direct
Create a payment
Since WTR2 came into effect, payer details are mandatory for all payments regardless of the type/origin/destination of the payment. If any of these details are missing you will not be able to instruct payments.
The "Payer" is considered to be the individual or entity from where a particular payment originates. Depending on the payment model you operate, the payer will either be you or your client on whose behalf you are instructing the payment.
1. Making payments where you are the payer
When you send funds to Currencycloud for conversion on your own behalf and instruct a payout to the ultimate beneficiary, you are considered to be the payer.
Flow of funds Currencycloud Client as Payer
Typically, you will fall under this operating model if you are a:
- Marketplace paying out to corporates/individuals
- Corporate/Individual making payments on your own behalf
- Prepaid firm sending funds to issuers
- PSP acquiring card payments and paying out to merchants
There is no requirement to explicitly provide payer details in each payment. At the time of creating a payment, select "Yes" under the "I am the Payer" field.
Payer information is taken automatically from the details on your account. Please ensure that the Name, Address and Date of Birth (if applicable) on your account are provided and up to date. If any of these details are missing you will not be able to instruct payments as payer details are mandatory.
2. Making payments where your client is the payer
Your customer is considered the payer when you collect funds from your customers and send to Currencycloud for conversion and payout to the ultimate beneficiary.
Flow of funds Currencycloud Client's Customer as Payer
Typically, you will fall under this operating model if you are a:
- FX Broker making payments on behalf of your customers
- Remittance/International Payments firm providing payments functionality to your customers via Currencycloud
You must provide the details of your client in the Payer fields at the time of creating a payment by selecting "No" under the "I am the Payer" field.
Flow of funds Currencycloud Client as Payer View
You will be shown the required fields that need to be completed for the payer depending on the Payer Type.
Please ensure that the Name and Address on your account are also provided and up to date. If any of these details are missing you will not be able to instruct payments as payer details become mandatory.
Create/update account
In order to ensure that all new accounts have the required WTR2 information, the following fields to create and update an account are required. As a result, you will not be able to create or update an account without providing these details.
- Street
- City
- Country
- State or Province - required only for US, Mexico and Canada
Create/update contact
In order to ensure that all new accounts have the required WTR2 information, the Date of Birth field is required when you create or update a Contact. As a result, you will not be able to create or update a Contact without providing the Date of Birth.
Note: This only applies when the Contact belongs to an "individual" type of account.