Disburse Funds to Vendor Bank Accounts (Payouts)

📘 Use Case

A fintech app, gig platform, or marketplace wants to send money to users, vendors, or freelancers directly into their Nigerian bank accounts.

Why Use Payouts?

Automate vendor or partner settlements
Reduce reliance on manual bank transfers
Track disbursements programmatically
Improve payout speed and reliability

Prerequisites

TransactPay business account with payouts enabled
API secret key and RSA public key
Verified recipient bank account details
Sufficient wallet or settlement balance

Step-by-Step Implementation

Step 1: Prepare Payout Payload

Basic required fields:

account_number
bank_code (e.g., 057 for Zenith, 011 for First Bank)
amount
narration (optional)
reference (your own transaction ID)

Node.js Code to Send Payout

const axios = require("axios");
const NodeRSA = require("node-rsa");
const fs = require("fs");
require("dotenv").config();

const pubKey = fs.readFileSync("./transactpay_pub.pem", "utf8");
const rsa = new NodeRSA(pubKey);
rsa.setOptions({ encryptionScheme: "pkcs1" });

const payoutPayload = {
  account_number: "1234567890",
  bank_code: "057", // Zenith Bank
  amount: 15000, // NGN 15,000
  reference: "PAYOUT-20250711-001",
  narration: "Vendor settlement for Order #1098"
};

const encrypted = rsa.encrypt(JSON.stringify(payoutPayload), "base64");

axios
  .post("https://api.transactpay.io/disbursement/single", {
    data: encrypted,
  }, {
    headers: {
      Authorization: `Bearer ${process.env.TRANSACTPAY_SECRET_KEY}`,
    },
  })
  .then((res) => {
    console.log("Disbursement response:", res.data);
  })
  .catch((err) => {
    console.error("Disbursement error:", err.response?.data || err.message);
  });

import json, requests, os
from dotenv import load_dotenv
from cryptography.hazmat.primitives import serialization, hashes
from cryptography.hazmat.primitives.asymmetric import padding

load_dotenv()
key = os.getenv("TRANSACTPAY_SECRET_KEY")

with open("transactpay_pub.pem", "rb") as key_file:
    pub_key = serialization.load_pem_public_key(key_file.read())

payload = {
    "account_number": "1234567890",
    "bank_code": "057",
    "amount": 15000,
    "reference": "PAYOUT-20250711-001",
    "narration": "Vendor settlement for Order #1098"
}

encrypted = pub_key.encrypt(json.dumps(payload).encode(), padding.PKCS1v15())

res = requests.post(
    "https://api.transactpay.io/disbursement/single",
    headers={"Authorization": f"Bearer {key}"},
    json={"data": encrypted.hex()}
)

print("Disbursement response:", res.json())

Sample API Response

{
  "status": true,
  "message": "Payout successful",
  "data": {
    "reference": "PAYOUT-20250711-001",
    "status": "processing"
  }
}

Step 2: Track Disbursement Status via Webhook

Listen for webhook events like:

{
  "event": "disbursement.success",
  "data": {
    "reference": "PAYOUT-20250711-001",
    "status": "success",
    "amount": 15000
  }
}

Update your database once confirmed.

Tips

Always store payout references uniquely
Log both API and webhook events for audit
Monitor wallet balance to avoid payout failures