Recurring Repayments
Recurring Repayments allows you to create and execute repayments according to a predefined repayment schedule.
As long as the Recurring Repayment is in Active status, repayments will keep being created and executed according the the standard flow with regards to the repayment type.
When the account containing recurrent repayments schedule(s) is frozen, the schedule will not be deleted, but the repayments will be rejected upon creation, until the account is unfrozen.
If that account gets closed the recurring repayment schedule(s) on it will become Disabled.
If the creation of a repayment according to the Recurring Repayments schedule fails, a Recurring Repayment Failed webhook event will be fired.
Recurring Repayment Schedule
The schedule will is set according to the repayment due date of the credit account, with the start date set to the current date.
The recurring repayment will run until it is manually disabled.
On the next scheduled repayment date if the remaining amount due is 0, a new repayment will not be created and a Recurring Repayment Skipped webhook event will be fired.
The execution day of the repayment may altered to accommodate for the bank's working days schedule.
Times in Recurring Repayments are given in EST.
Recurring Repayment Statuses
Recurring Repayments have a status attribute, which represents their current status.
| Status | Description |
|---|---|
| Active | Upon creation, the status will be set to Active. |
| Disabled | When recurring repayment has been disabled, the status will be set to Disabled. |