About Transactions

A transaction is any type of financial activity related to an account. There are many different transaction types, ranging from card authorizations to ACH transfers to ATM fees.

Transactions are central to any banking app. Your customers expect to use your product to create transactions and to see a history of their transactions. Some transactions, such as transfers, can be created via API, while others, such as fees, cannot be created via API. A history of all transactions is available via API.

The Transaction Object

Type

There are five types of transactions:

  • card: A transaction that occurs over a card association's rails
  • transfer: The movement of money between any two accounts
  • payment: An account credit
  • adjustment: A transaction used to modify the cardholder's balance for various operational purposes
  • fee: An account debit to pay for a particular service

Subtype

Each transaction type is divided into subtypes to offer more specific classification:

  • card
    • authorization: A pending card transaction
    • settlement : A settled card transaction
  • transfer
    • account_to_account: A transfer between two Galileo accounts
    • account_funding: A transfer from the Master Funding Account
    • wire: A wire transfer to the account
  • payment
    • direct_deposit: -An ACH credit originated from an external account
    • manual: A manual payment from Galileo for testing purposes
  • adjustment
    • provisional_credit: A temporary credit to an account, usually during a dispute
    • merchant_credit: A credit from a merchant, e.g., a refund
    • provisional_credit_reversal: A reversal of a provisional credit
    • direct_debit: An ACH debit originated from an external account
    • manual: A manual adjustment by Galileo for testing purposes
  • fee
    • card_replacement: Covers the card production and shipping costs
    • express_shipping: Covers express shipping costs for card delivery
    • domestic_atm: Covers domestic ATM fees
    • international_atm: Covers international ATM fees
    • domestic_cashback: Covers domestic cashback fees
    • international_cashback: Covers international cashback fees

Amount

A transaction always has an amount. The amount is useful for determining the size of the transaction and the direction of the transaction. The sign of the amount denotes whether the money is incoming or outgoing. For example, an account-to-account transfer with a negative amount is outgoing; similarly, one with a positive amount is incoming.

Description

The transaction description offers additional details about the transaction. For example, the description on a card transaction includes details about the merchant, usually the name and address.

Status

The status indicates whether the Transaction is pending or posted. Pending Transactions are not finalized. All authorizations have a pending status by default, as the amount may be changed by the settlement. ACH debit Transactions (debiting an external account and pulling the money to the Galileo Account) have a pending status for three to five days while the money is in transit. All other transaction subtypes skip the pending status and post immediately.

Timestamp

The timestamp indicates when the transaction occurred in ISO 8601 format (YYYY-MM-DDThh:mm:ssZ in UTC).

Transaction ID

The transaction_id is the unique identifier for a transaction.

Creating a transaction

Transfers

The only type of transaction that may be created via API in Production is a transfer. Transfers are possible between two cardholder accounts or between the Master Funding Account and a cardholder account.

Simulating card transactions

In Sandbox, it's possible to simulate card authorizations and settlements for testing purposes.


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