A Payment Model is composed through these types of Paylets:
- Identity Paylets: these are Paylets that represent real-life entities that own funds or drive operations (e.g. Corporate or an Individual Consumer)
- Payment Instrument Paylets: representing all the different instruments where funds can be held or managed
- Transactions Paylets: even though a Transaction is general transient (unlike Identities and Payment Instruments), in OPC we still represent them as Paylets. Such Paylets represent the movement of funds across different Payment Instruments (of one or more Identities)
Corporate Identity: Represents a Corporate Identity, typically a business that is responsible for and owns funds in an Application.
The Authentication service is used by Corporate Identities to log in.
- Managed Account Paylet: A stored-value account (effectively a balance) that holds funds for a Corporate Identity. Typically, it is the destination for funds as sent from an external source. A Managed Account consists of a single balance in a single currency- if there is a requirement to holds funds in multiple currencies, separate Managed Account instances for each currency could be set up. It is also possible to have multiple Managed Accounts of the same currency associated with a single Corporate Identity.
- Managed Card Paylet: Represents a prepaid card, typically a Virtual Card or a physical plastic card that can be spent anywhere where a card can be used (depending on the card scheme that the card is issued on). Different behaviour associated with different types of cards can be specified in the Programme’s Profile e.g. card scheme of card, spend limit, default card currency.
- External Account Paylet: Represents a bank account as owned by an Identity with any third-party bank. It is typically used as a source or as a destination for the transfer of funds in and out of OPC Payment Instruments.
- Deposit Paylet: In OPC there is a distinction between Managed Instruments and External Instruments. A Managed Instrument is an instrument that is issued/created through OPC; an External Instrument is an instrument issued by an external system separate to OPC. In the latter case, OPC holds a reference or a token to such External Instrument. A Deposit represents a transaction involving the movement of funds from an External Instrument to a Managed instrument, owned by the same Identity e.g. a Deposit would be used to transfer funds from an External Account to a Managed Card Instrument.
- Transfer Paylet: A Transfer represents a transaction involving the movement of funds across two Managed Instruments, both owned by the same Identity. For instance, a Transfer represents the movement of funds from a Managed Account Instrument to a Managed Card Instrument.
- Withdrawal Paylet: A Withdrawal transaction moves funds from a Managed Instrument to an External Instrument, both owned by the same Identity.