What does Twikey mean by transactions?
Tags:transactionsSDDRCCSEPA Direct DebitRecurring Credit Cardbatchessentunsettledcollectablenon-collectabledunningpaymentsettlementtransaction statesmandatetoken
Once you have a financial agreement in place, such as a Direct Debit mandate or a Recurring Credit Card token, you can create automatic payment instructions, called transactions.
Twikey helps you initiate, process, and track these transactions efficiently.
SEPA Direct Debit transactions (SDD)
- Initiation – With a valid SEPA direct debit mandate, you can start Direct Debit transactions via the interface, CSV import, PAIN008 file import, or API.
- Processing – Transactions are grouped in batches and sent to your bank for collection on the requested date. The batch includes all relevant mandate and transaction details.
- Settlement & notification – After collection, funds are credited to your account or settled by your payment service provider on the agreed date. Twikey then receives confirmation from the bank or provider, typically within 2 working days, and updates the transaction status in the interface and API.
- Transaction states – Transactions go through various states as they progress, f.ex. CORE mandate collections can report failures up to 8 weeks after collection.
Requirements for starting with Direct Debit transactions
- Twikey needs your power of attorney for the account(s) used to execute and manage Direct Debit transactions.
More information is available in managing your payment methods.
Recurring Credit Card transactions (RCC)
- Initiation – With a valid token, recurring credit card transactions can be created via the interface, CSV import, or API.
- Processing – Transactions are grouped and sent to your payment service provider for collection on the requested date.
- Settlement – The payment service provider settles the collected amount on the agreed date.
- Settlement & Notification – The payment service provider settles the collected amount on the agreed date, and Twikey receives confirmation to update the transaction status accordingly.
- Transaction states – RCC transactions go through various states as they progres.
Requirements for starting with Recurring Credit Card transactions
Last Update: 2026-02-23
