How can I change my payout descriptor?

The payout description is the information the account holder will see on their bank statement when receiving a payout. It is different for each geography / currency / priority combination as well as payout initiation method. Please have a look at Transfer Statement Description for each geography / currency / priority combination to understand the network limitations.

Scheduled Payouts

For scheduled payouts, it is possible to set descriptions in two fields on our /sweeps endpoint: description & referenceForBeneficiary.

The description field has the following default format: ‘EXT BAL SWEEP’ + our unique scheduled transfer ID starting with SWPE and containing 30 characters. The default format will be applied if the value for description is not provided.

The referenceForBeneficiary will not be set if a value is not provided.

The following dynamic references are available for scheduled payouts:

$balanceAccountId (e.g. BA32272223222B5FL6CTMBJPR)

$balanceAccountReference (e.g. BA reference)

$balanceAccountDescription (e.g. BA description)

$accountHolderId (e.g. AH32272223222B5FL6CQTBJLD)

$accountHolderReference (e.g. 23564762354654)

$accountHolderDescription (e.g. AH description)

$transferReference (The Sweep Execution ID, e.g. SWPE423C822437NZ5JHNJPKDSW75ZM)

Example of /sweeps API request using placeholders:

{

"counterparty": {

"transferInstrumentId": "SE322KH223222D5FM372M6337"

},

"currency": "EUR",

"description": "$accountHolderReference and $accountHolderDescription",

"id": "SWPC4227C223222C5GKQKLJ4P648VF",

"schedule": {

"cronExpression": "54 15 * * *",

"type": "cron"

},

"status": "active",

"type": "push"

}

Results in a Transfer with a description of AH reference and AH description

On-demand payouts

For on-demand payouts, it is possible to set descriptions in two fields on our /transfers endpoint: description & referenceForBeneficiary. These fields will remain empty if the values for them are not provided. 

Dynamic references are not available for on-demand payouts.