Tracking Transactions: How It Works in Lorum

A transaction represents a record of a financial activity within Lorum. Whenever funds move within or through Lorum, a transaction record is created to provide a complete view of the activity, including its type, status, lifecycle, and associated details.

Transactions are created for:

• Payments - movement of funds between a Lorum account and an external account through the relevant payment infrastructure. This includes both outbound payments to external beneficiaries and inbound payments received into Lorum accounts.

• Internal transfers - movement of funds between two accounts within the same organisation and the same currency in Lorum.

• Currency exchanges (FX) - conversion of funds between accounts in different currencies within the same organisation in Lorum.

• Fee debits - charges applied to a primary account based on configured fee settings.

Each transaction contains key information about the activity, including the transaction ID, type, state, timestamps, amounts, associated accounts, fee details where applicable, and relevant information such as remitter, beneficiary, or exchange details depending on the transaction type. If a transaction does not complete successfully, failure information is also recorded.

Transactions follow a defined lifecycle, with states updated as the activity progresses. If you are integrated with Lorum via API and consume webhooks, your integration can receive real-time updates when transaction states change. Transaction data can also be retrieved through the API or viewed directly in the Lorum portal.

Transaction records are immutable, meaning they cannot be modified after creation. Any changes to the state of a transaction are reflected through state updates and recorded as part of the transaction history, providing a complete audit trail of the activity.

Supporting documents can be attached to transactions for compliance, operational review, and reconciliation purposes. For outbound payments, confirmation letters can also be generated once the payment reaches the Submitted state.