Internal transfers

An Internal Transfer is the movement of funds between two accounts that belong to the same customer hierarchy. This includes transfers between two accounts under the same customer ID, as well as transfers between accounts with different customer IDs that share the same parent customer. These transfers do not involve external bank networks or payment schemes (like SEPA or SWIFT).

Internal transfers are instantaneous and execute 24/7, with no external banking fees applied. These transfers are supported between Volt Account and Named Account, as well as between two Volt Accounts (for treasury management).

Each internal transfer on the Volt platform generates two payment records in the system:

1. Outgoing Internal Payment
2. Incoming Internal Payment

These payments can be easily identified for reconciliation purposes in two ways:

• Transaction Linking Mechanism: The outgoing and incoming payments are linked within the system, allowing automatic association between the two sides of the transfer. For more details, see Transaction Linking
• Internal Reference: The reference provided for the outgoing internal transfer is automatically populated in the corresponding incoming payment. This ensures both payments share the same reference, simplifying tracking and reconciliation.

It is important to use the correct payment type to ensure accurate billing. If a payment between two Volt accounts within the same hierarchy is sent as a payout, the transfer will be executed and billed according to the specified payment type.