Account Funding Transactions (AFTs) allow cardholders to pull funds from their accounts to fund a non-merchant account. For example, to load a prepaid card, top up a wallet, or fund a person-to-person money transfer.
From April 12 this year, Visa will update their rules for Merchant Initiated Transaction use cases to support AFTs. We already support this functionality in our platform.
Example use cases
Regular account top-ups: Cardholders can regularly load their digital wallets using card details stored on file – for example, a 50 euro top up every week
Triggered account top-ups: Cardholders may wish to conditionally load their digital wallets based on pre-agreed instructions – for example, a 50 euro top up when their digital wallet balance hits 10 euros or less
Tom is the Merchant Communications leader for Checkout.com, responsible for keeping merchants aware of product changes, scheme updates, and regulations. With 12 years of payments industry experience, Tom also writes blogs on general industry topics across all the solutions we offer.