Transaction Types

What is a Transaction?

A transaction is an instruction to move funds from one account to another. The instruction includes the sending account, receiving account and amount, along with other details.

Some transactions are originated on RocketKOR (such as a transaction that moves money between RocketKOR Financial Accounts), while other transactions are originated by third parties like financial institutions (such as the deposit of funds into a RocketKOR Financial Account from a bank).

What Are Transaction Types?

A transaction is assigned a transaction type based on the purpose of the transaction.

RocketKOR includes the following transaction types.

SEND

A Send transaction is an instruction to push funds from a RocketKOR Financial Account to another account. This could be a transaction within RocketKOR with another Financial Account, or a transaction with an account outside RocketKOR.

For example, a Send transaction could push funds from a Business Financial Account to a Customer Financial Account.

Send transactions are originated on RocketKOR.

REQUEST

A Request transaction is an instruction to pull funds to a RocketKOR Financial Account from another account. This could be a transaction within RocketKOR with another Financial Account, or a transaction with an account outside RocketKOR.

For example, a Request transaction could pull funds from a Customer Financial Account to a Business Financial Account.

Request transactions are originated on RocketKOR.

DEPOSIT

A Deposit transaction is the movement of funds into a RocketKOR Financial Account where the push is originated from outside RocketKOR. For example, a Deposit transaction would occur if an individual or financial institution deposits funds into a Financial Account.

Deposit transactions are originated outside of RocketKOR.

WITHDRAWAL

A Withdrawal transaction is the movement of funds out of a RocketKOR Financial Account where the pull is originated from outside RocketKOR. For example, a Withdrawal transaction would occur if an individual or financial institution withdraws funds from a Financial Account.

Withdrawal transactions are originated outside of RocketKOR.

REVERSAL

A Reversal transaction is the movement of funds in the opposite direction of the initial transaction. This “reverses” the transaction by moving the funds back to the original account.

Reversal transactions are originated on RocketKOR.

RETURN

A Return transaction cancels the initial transaction. For example, the receiving financial institution could return a transaction if there are insufficient funds.

Return transactions are originated on RocketKOR.

ADJUSTMENT

An Adjustment transaction is used to correct a human or system error with a transaction, or to record a transaction that originated outside of RocketKOR.

Adjustment transactions are originated on RocketKOR.