Expected payments will automatically reconcile based on near-exact matches in data. Specific details are not required when creating an Expected Payment, but more information will allow for a higher automatic reconciliation rate. If a transaction comes in that could match 2 Expected Payments, the system will not reconcile and manual reconciliation will be required to verify that an Expected Payment has completed.
Below are the details that can be specified when creating an Expected Payment. We know it may not be super clear what a Counterparty will send, but if Expected Payments are heavily utilized, we highly recommend as much detail as possible - especially Amount Range, Date Range and Statement Description.
- Payment Direction (reflects whether your internal account is receiving money or being charged)
- Your Account
- Amount or Amount Range
- Statement Description
- Within the Expected Payment creation, populate the Statement Description field in the UI (which is the statement_descriptor field in the API call) with identifiable information (ideally a unique identifier). Our reconciliation engine was built to avoid false positives by design, so the identifiable information will need to be an exact match here to what the Counterparty adds to the payment.
- Communicate to Counterparties sending the payments that they should include the same identifiable information within the payments, which will be the statement description you expect to see on the transaction.
- For ACH payments, this will be the full line item passed from the bank.
- For wire payments, this will be the OBI field on the wire.
- For check payments, this will be the memo field.
- Payment Type
- Expected Date or Date Range
- Expected Counterparty
- Internal Description