Glossary
Here you can learn the main terms we are using across our API documentation.
Company - The main entity. In the case of Seller Financing it is the seller company.
Seller - The exporter in a trade transaction. Usually applies to Seller Financing.
Buyer - The importer in a trade transaction. They are the purchaser of the goods from the seller.
Company user - Main contact person. In the case of Seller Financing they are the contact person on the seller side.
Trade partner user - Main contact person at the counterparty in the trade transaction.
Trade partner - The counterparty in a trade transaction. For example, the trade partner in Seller Financing is the buyer.
Financing quote - The initial request for financing. A defined set of details and documents should be provided.
Financing trade - Submitted financing quote. After providing all the details and documents the financing quote can be submitted. Only after submitting the financing quote will become a valid financing trade.
Financing trade status - The status of the financing approval process. The financing process gets started after submitting a financing quote and there are 4 statuses: PENDING, APPROVED, CANCELLED, DECLINED.
- PENDING: The MODIFI risk team is reviewing the financing trade details.
- APPROVED: The MODIFI risk team checked and approved the terms of the financing trade.
- CANCELLED: The financing trade was cancelled by the seller or buyer.
- DENIED: The financing trade was declined by the MODIFI risk team.
Payout status - The status of the payout to the seller. The payout process gets started after receiving a trade confirmation from the trade partner. There are 4 statuses: PENDING, DONE, FAILED, CANCELLED.
- PENDING: The MODIFI risk team is waiting for a trade confirmation.
- DONE: The payout was processed.
- FAILED: The payout was not processed due to internal issues.
- CANCELLED: The payout process was cancelled by the seller or buyer.
Settlement status - The status of the settlement payment from the buyer to MODIFI. The settlement process gets started after the trade was confirmed by the trade partner. There are 5 statuses: CREATED, DUE, OVER_DUE, PAID, CANCELLED
- CREATED: The Settlement payment was created with a due date.
- DUE: The payment is pending until the due date.
- OVER_DUE: The payment is pending after due date.
- PAID: The settlement payout was sent to MODIFI. The Risk Deposit can be paid to the seller in case of Seller Financing.
- CANCELLED: The payment was cancelled by the trade partner.
PayoutType - Payout types consist of three types:
- Advance Rate- The first payout amount which is paid after receiving the trade confirmation and excluding processing, transaction and setup fees. For example, an Advance Rate of 80% means that 80% of the invoice amount minus processing, transaction and setup fees will be paid.
- Risk Deposit- The remaining payout which is paid after receiving a payment from the counterparty (the buyer in case of Seller Financing). For example, a Risk Deposit rate of 20% means that 20% of the invoice amount will be paid.
- Full Payout- The total amount minus processing, transaction fees and setup fees will be paid out.
Payout split percent - The split of the payout amount in percentage. For example, 80% means that the first payout payment consists of 80% from the invoice amount minus processing, transaction and setup fees.
Updated 24 days ago