Learn  /  About Real-Time Fund Disbursements

About Real-Time Fund Disbursements

What Are Real-Time Disbursements?

The RocketKOR Real-Time Disbursement solution allows you to transfer money in real-time between bank accounts and debit cards. In RocketKOR, the accounts used in disbursements are called Financial Accounts.

Creating a Disbursement Transaction

A fund disbursement transaction requires two Financial Accounts. These accounts must exist within the same RocketKOR Business Account.

Debit Financial Account
The funds will be taken from this account. This account can be a Business Financial Account or a Recipient Financial Account.

Credit Financial Account
The funds will be disbursed to this account. This account can be a Business Financial Account or a Recipient Financial Account.

Use the Create Transaction API to create a new transaction request. The request must include the following information.

  • Payment Reason ID (reason for the transaction)
  • Debit Financial Account (the account from which the funds will be taken)
  • Credit Financial Account (the account to which the funds will be disbursed)
  • Provider (facilitates the transaction)
  • Amount
  • Currency
  • Country Code (country where the transaction originates)

When the transaction request is created, RocketKOR creates snapshots of the debit and credit accounts. This information is captured in order to have a record of each account at the time of the transaction.

The transaction is assigned a unique RocketKOR ID. The provider facilitating the transaction also assigns their own unique ID to the transaction.

Checking the Transaction Status

Use the Transaction Status API to check a transaction’s current status and view a history of previous statuses. This API returns an array of the statuses that have been assigned to the transaction during the transaction processing lifecycle.
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