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Set up SEPA payment methods for your customer accounts to enable automatic fund transfers during buy and sell orders.

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Getting Started

This guide walks you through adding payment method details to customer accounts using the Rime API. You’ll make your first successful API call to configure SEPA bank account information that enables seamless fund transfers.
Payment methods are automatically used in order processing. The primary payment method is selected by default for all transactions.

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Prerequisites

Before adding payment methods, ensure you have:
  1. Authentication token - Follow our authentication guide to get your access token
  2. Customer account - The account_id for your customer who needs payment method setup
  3. Bank account details - Valid IBAN and account holder information for SEPA transfers

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Payment Method Requirements

SEPA payment methods require specific information: Required fields:
  • Payment type (type) - Must be sepa (only supported type currently)
  • IBAN (iban) - Valid European bank account number
  • Account holder (account_holder_name) - Name on the bank account
Optional fields:
  • Set to primary payment method details (is_primary) - Set to true to make this the default payment method
The primary payment method will be automatically selected for new orders on an account. Only one payment method can be marked as primary per account.

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Step-by-Step Implementation

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Step 1: Prepare payment method data

Structure your payment method data with the required SEPA information: 
{
  "type": "sepa",
  "iban": "DE89370400440532013000",
  "account_holder_name": "Max Mustermann",
  "is_primary": true
}

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Step 2: Add the payment method

Create the payment method for your customer account: 
curl -X POST "https://sandbox.api.rime.finance/v1/accounts/${ACCOUNT_ID}/payment-method-details" \
  -H "Authorization: Bearer ${ACCESS_TOKEN}" \
  -H "Content-Type: application/json" \
  -d '{
    "type": "sepa",
    "iban": "DE89370400440532013000",
    "account_holder_name": "Max Mustermann",
    "is_primary": true
  }'

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Step 3: Handle the response

A successful payment method creation returns a 201 Created status with the complete payment method details: 
{
  "id": "789e0123-e89b-12d3-a456-426614174002",
  "account_id": "123e4567-e89b-12d3-a456-426614174000",
  "type": "sepa",
  "iban": "DE89370400440532013000",
  "account_holder_name": "Max Mustermann",
  "is_primary": true,
  "created": "2024-01-15T10:30:00Z"
}

Automatic Order Integration

Payment methods are automatically used in order processing. Primary payment methods are selected by default for all buy and sell orders.

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Primary Payment Method Management

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Setting a primary payment method

When you create a payment method with is_primary: true, it automatically becomes the default for order processing:
  • Buy orders: Funds transfer from customer’s primary payment method
  • Sell orders: Proceeds transfer to customer’s primary payment method
  • Automatic selection: No need to specify payment method in order requests

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Managing multiple payment methods

You can add multiple payment methods per account, but only one can be primary: 
{
  "type": "sepa",
  "iban": "DE89370400440532013000",
  "account_holder_name": "Max Mustermann",
  "is_primary": true
}

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Troubleshooting

Cause: Invalid IBAN format or non-European bank accountSolution: Ensure the IBAN follows the correct European format and is a valid bank account number
{
  "error": "Validation error",
  "details": {
    "iban": [
      "Invalid IBAN format. Please provide a valid European bank account number."
    ]
  }
}
Cause: Invalid account_id or account doesn’t existSolution: Verify the account ID exists and belongs to your distributor
{
  "error": "Account not found",
  "details": "Account with ID '123e4567-e89b-12d3-a456-426614174000' not found"
}
Cause: Missing required fields or invalid data formatSolution: Ensure all required fields are provided with correct data types
{
  "error": "Validation error",
  "details": {
    "type": ["This field is required"],
    "iban": ["This field is required"],
    "account_holder_name": ["This field is required"]
  }
}

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Next Steps

After adding payment methods to your customer accounts:
  1. Buy shares - Execute buy orders using the configured payment method
  2. Sell shares - Process sell orders with automatic payment routing
  3. Get portfolio information - View customer holdings and transaction history
Ready to enable seamless fund transfers? Set up payment methods to automate the financial flow for your customers’ investment activities.
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