Payments: How It Works in Lorum

Payments represent the movement of funds between Lorum accounts and external accounts.

Lorum supports two payment directions:

• Outbound payments - funds are sent from one of your accounts in Lorum to an external beneficiary.
• Inbound payments - funds are received from an external party into one of your Lorum accounts.

Outbound payments can be initiated in two ways:

• Portal - create individual payments directly in the Lorum portal or upload a batch payment file using the portal's batch payments functionality.
• API - initiate payments programmatically through the Lorum API, enabling fully automated payment workflows.

Inbound payments are initiated by the external payer using your account details and cannot be created through the Lorum portal or API. Once funds are received and processed, the payment will appear as an inbound transaction on the destination account.

When an outbound payment is created, Lorum processes it through the appropriate payment infrastructure based on the payment details provided and the available payment schemes for the payment currency.

Outbound payments progress through a lifecycle of statuses - Created, Submitted, and Executed - before completion. Inbound payments are marked as Settled once the funds have been received and credited to the destination account.

If you are integrated with Lorum via API and consume webhooks, your integration can receive real-time notifications as both inbound and outbound payments progress through their lifecycle. Portal users can monitor payment activity directly within the Lorum portal.

For initiating multiple payments at once using a batch upload, see Batch Payments.