The PayOut object
PayOut Bank wire is a request to withdraw money from a wallet to a bank account. You need to setup Bank Account before processing a PayOut Bank wire.
There is a KYC limit on Pay-Outs in order to fight fraud, money laundering and financing of terrorism. You have to send some documents through the API. It's compulsory for any payout amount. More info here
Note that successful payouts can be rejected by the recipient bank (e.g. the bank account is closed, or it is a savings account and can't receive funds). In this case, we will create a "payout refund" and the funds will be returned to the wallet - so it is important to check events/hook notifications for a "PAYOUT_REFUND_SUCCEEDED". You should also note that for some reasons, we'll automatically disable the bank account so you can't use it again.
Maximum length is 255 characters
An ID of a
Maximum length is 12 characters
A custom reference you wish to appear on the user’s bank statement (your Client Name is already shown). We advise you not to add more than 12 characters.
The payment type of the payout
The type of Pay out