INDUSTRY TIPS

UK-Based Companies Can Now Fulfill Your Payment Requests Directly from Their Bank Accounts!

November 24, 2020

Great news! Now the UK-based companies you work with can fulfill your payment requests directly from their bank accounts! This gives them the flexibility to make payments in the way that best suits their needs, helping to ensure that you get paid quickly and on time.

Using open banking technology, this new payment method allows for payments to be made directly through banks while still connected to Payoneer.

Are your clients not located in the UK? No problem! We’ll be adding new countries in the coming months that will be able to take advantage of this new payment method.

What is Open Banking Technology?

Open banking technology uses APIs to link third-party developers to financial institutions in order to build applications and services. It allows service providers to access users’ financial data, if they want, to customize their banking experience.

Open banking allows users to utilize new technologies and payment methods, including for budgeting, international payments and payment tracking, that aren’t available through banks. It essentially means that they can manage their money in the way that best meets their business needs.

How Does Payoneer Use Open Bank Technology?

In the case of Payoneer, we’ve partnered with TrueLayer, a regulated open banking technology provider, to provide this service.

For Payoneer users, this technology is beneficial for several reasons, including:

It’s FREE! Neither you nor your client will be charged any fees for the payment.
It’s fast – You’ll typically receive payments within one business day.
It’s easy to follow – You can track when payments were made and their status in real time.
It’s secure – All payments will be made directly through your clients’ banks. All they need to do is select their bank once logged into Payoneer, after which they’ll be directed to its website to make the payment.