Payment types

Payout: This is the primary term for sending funds to a third-party beneficiary outside the Volt platform (e.g., sending money to a client's external bank account).
- Open-loop: A payout sent to a beneficiary from whom your platform has never received a prior pay-in. They are a new or unknown recipient of funds.
- Close-loop: A payout sent to a beneficiary whose identity is verified because they have previously paid funds into your Volt Account (they are a known remitter).
Internal: Funds moved between two different accounts within the Volt platform. This transfer that does not involve any external banking network. Internal payments can be made between accounts in the same currency or across different currencies involving FX.
Settlement: Funds sent to your external bank account (or the bank account of a partner PSP) to move liquidity out of the Volt platform. This payment type is restricted to accounts previously registered as Trusted Beneficiaries
Refund: Funds sent back to the original source of an incoming payment. This is directly linked to a prior payment and may be executed as a Partial refund or a Full refund
Reversal: A separate outgoing transaction initiated to adjust the funds balance following a previous transaction, typically due to an error. This new outgoing transaction does not affect the status of the corresponding original incoming transaction.

Transaction Linking allows our system to connect multiple corresponding payments, providing a clear audit trail for funds. For example, a Refund is automatically linked back to the original incoming payment, and a Reversal is linked to the transaction it corrects. This mechanism is essential for accurate reporting and reconciliation, as it allows your system to easily track the lifecycle of funds. You can find a more detailed explanation of the transaction linking methodology in our dedicated .