Scheduled PayTo Payments

Monoova allows you to automate the initiation of payments under a PayTo agreement. You can set up a schedule for when payments should be made and Monoova will automatically initiate these payments, simplifying your PayTo implementation.

Key Features

Schedule Payments: Set up recurring payments for both new and existing PayTo agreements.

Flexible Management: Pause, resume, or cancel schedules at any time.

Manual Payments Still Allowed: You can still initiate payments manually, even if a schedule is in place, as long as it complies with the agreement terms and limits.

Notifications: You’ll receive updates about scheduled payments and any changes to the schedule via webhooks.

Lifecyle Management: Schedules will automatically cancel if:

The agreement ends or is paused/cancelled.

A bilateral amendment is made.

The total number or amount of payments is reached.

Payee details are removed.

Creating a Schedule

Use the Create Payment Schedule endpoint to setup a new PayTo payment schedule. Schedules must always have a start date, which is the date of the first payment, however the remainder of the schedule configuration is flexible:

Time Based: Schedules can be set to run between a certain time period.

Amount Based: Schedules can be set to run at a certain interval until a maximum amount is reached.

Number of Payments: Schedules can be configured to last for a certain number of payments.

Schedules are linked to a PayTo agreement, meaning each agreement can only have one active schedule, and the schedule configuration must not exceed the terms of the PayTo agreement.

If parameters like scheduledAmount and endDate are not provided, the terms of the PayTo agreement will be used.

Managing Schedules

Schedules can be amended using the Amend Payment Schedule endpoint, which allows certain parameters to be modified.

Schedules can be paused or cancelled by calling the Amend Payment Schedule Status endpoint.

Schedule details, including information on previously scheduled payments can be retrieved by ID or date range, using Get Payment Schedule by Id and Get Payment Schedules by Date Range.

Retries and Failures

Monoova will retry scheduled payments when the payment fails due to a system issue or outage, however payments will not be retried when they fail due to insufficient funds or other client-side errors.