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Magnetiq Bank

More than an ordinary bank - your financial infrastructure provider enabling Banking as a Service (BaaS).

Supports in this guide: Payments

Provider website: magnetiqbank.com

What you need to do for start processing transactions (brief summary)

  1. Get your credentials (from Magnetiq Bank)
  2. Connect in Dashboard
  3. Send an API request

Prerequisites: get from Magnetiq Bank

Contact your Magnetiq Bank account manager to get your account verified and receive the following credentials.

  • Merchant interface code -> Corefy field merchant_interface_code.
  • Merchant public key index -> Corefy field merchant_public_key_index.
  • Private key -> Corefy field private_key -> uploaded as a file.
  • Provider public key -> Corefy field provider_public_key -> uploaded as a file.

Currency / Features -> choose values available for your account; confirm which currencies are enabled with your Magnetiq Bank and Corefy account managers.

Payments processing (connect H2H Merchant account, create payment-invoice)

Connect H2H Merchant account in Corefy Dashboard

Step 1 - Open connection form

Open Magnetiq Bank in the provider directory and press Connect at Magnetiq Bank Provider Overview page in the New connection section.

Step 2 - Fill in fields and select settings

  • Merchant interface code
  • Merchant public key index
  • Private key
  • Provider public key
  • Currency / Features -> choose values available for your account
  • Test Mode -> (enable if you are using sandbox credentials)

Success

You have connected Magnetiq Bank H2H Merchant account!

First request to Corefy API (MIN)

What it does: creates a payment-invoice; card data itself is collected and submitted separately by Corefy's checkout/SDK layer, not as part of this request. Every sale is processed through a 3-D Secure flow.

Payment - MIN

POST /api/payment-invoices 

{
  "data": {
    "type": "payment-invoice",
    "attributes": {
      "reference_id": "a2f7e6c1-5b3a-4d9e-8f1c-6e2b7a9d3c4f",
      "service": "payment_card_eur_hpp",
      "currency": "EUR",
      "amount": 10,
      "customer": {
        "reference_id": "cus_123"
      }
    }
  }
}

Payment - MAX

POST /api/payment-invoices 

{
  "data": {
    "type": "payment-invoice",
    "attributes": {
      "reference_id": "b3e8f7d2-6c4b-4eaf-9f2d-7f3c8b0e4d5a",
      "service": "payment_card_eur_hpp",
      "currency": "EUR",
      "amount": 10,
      "customer": {
        "reference_id": "cus_123",
        "name": "John Doe",
        "email": "test@example.com",
        "metadata": {
          "ip": "127.0.0.1"
        }
      }
    }
  }
}

Important

  • customer.name and customer.email are optional - if either is missing, it's simply not sent to Magnetiq Bank, no Constant or placeholder fills it in.
  • customer.metadata.ip is used as the customer's IP if provided; otherwise Corefy falls back to the browser IP it collected, then to the request's own client IP.
  • Apple Pay, Google Pay, and Recurring (saved-card) payments are not available for this connector, even though the underlying gateway code technically supports them for another connector on the same shared platform - any such attempt is rejected as not permitted.

Extended request (MAX)

Why add extra fields (typical reasons): - Provide additional customer details for compliance/reconciliation - Positively influence conversion rate - Include optional fields required by your specific flow

Options

  • custom_finalization_logic -> optional, boolean - when enabled, treats a "deposited" clearing status as final (processed) immediately, instead of waiting for the final clearing status.
  • set_additional_data -> optional, boolean - when enabled, if a transaction isn't final yet, delays finalization until the next day's clearing window (checking for an ARN) instead of finalizing right away.
  • use_api_v3 -> optional, boolean - routes requests through Magnetiq Bank's API v3 instead of the default version.

Refunds

Magnetiq Bank supports partial refunds, but only one refund per payment (no multiple partial refunds against the same payment).

Additional info

  1. No asynchronous callback - Magnetiq Bank does not send a callback to Corefy. The checkout-completion step itself polls for the final status a few times right after 3-D Secure authentication, and active reconciliation is available afterwards to resolve any transaction still left pending.
  2. No recurring - saved-card/token payments are not available for this connector (see the important note above).
  3. No Payouts - this connector only processes Payments; the paycore side exists only as a routing marker for the H2H Merchant account type, with no real Payouts implementation behind it.
  4. Amount limits: 0.01 to 1,000,000 per transaction.

FAQ / Troubleshooting

  • Invalid credentials / auth error -> verify the merchant interface code, key index, and the uploaded key pair
  • Currency or service is not supported -> confirm allowed currencies/features in your Magnetiq Bank account and in Corefy
  • Apple Pay / Google Pay / saved-card payment rejected -> these payment methods are not available for this connector
  • Refund fails with multiple attempts -> only one refund per payment is allowed
  • Payment stuck pending -> an active reconciliation request will resolve it; no callback is sent by Magnetiq Bank

Question

Still looking for help connecting your Magnetiq Bank account? Please contact our support team!