Payset to Offer Open Banking Capabilities

News and announcements

Mar 16, 2023

4 min. read

James Irwin

Author

Payset is set to bring customers yet another technological advancement with the launch of Open Banking. The innovation will revolutionize banking, and Payset will be at the forefront. So, what is Open Banking, and what will it do for you?

What Is Open Banking?

Open banking, (also known as “open bank data”) is a new banking practice that allows the networking of accounts and data between different financial institutions via secure computer application programming interfaces (APIS) for use by the institutions and their clients. In other words, Open Banking is a new technology that will reshape the architecture of the financial system by making common transactions between institutions faster and more efficient.

Here’s how it works:

On the bank’s end, third-party financial service providers can gain open access to financial data such as transaction history and balances so that, when a client applies for a loan, for instance, a credit institution can quickly see historical data to determine eligibility.

On the client’s end, there are numerous benefits. Open Banking will allow Payset clients to connect their Payset account to other financial institutions so that their various accounts can be controlled from a single dashboard. It will also allow you to connect your account to ERP’s such as NetSuite and Xero in order to automate and better organize accounting, risk management, compliance, and so much more. It will also allow you to purchase goods and services using your Payset account via a secure checkout directly from the merchant’s website.

What Will Open Banking Do for Payset Clients?

By bringing Open Banking to customers, Payset can ensure that they are at the forefront of new technology in the banking sector. It will facilitate faster, frictionless transactions, allow clients to manage financial services not available in their Payset account directly from their dashboard, and, because it is built on a custom API, Payset’s Open Banking solution will always be evolving to provide new use cases. The addition of Open Banking will increase the efficiency of payments and financial management and this will be highly valuable for Payset’s business customers.

With Open Banking you can:

Connect your Payset account to other financial institutions so that their various accounts can be controlled from a single dashboard
Connect your account to ERP’s such as NetSuite and Xero in order to automate and better organize accounting, risk management, compliance, and so much more
Purchase goods and services using your Payset account via a secure checkout directly from the merchant’s website
And more capabilities are on the way.

Payset’s Timeline for Releasing Open Banking Capabilities

Payset is planning a “soft release” of its completely redesigned platform in May 2023. Open Banking will be a central feature of the new platform.

Over the coming weeks, we will be also announcing many new incredible features as well, including debit cards, a new onboarding system, a new client app, new banking partners, superior transaction monitoring, faster transactions, better security, and more.

Payset Open Banking Summary

Payset is an online provider of payment services to individuals and corporations with unique products such as its multi-currency accounts and currency exchange. As our customers run creative and diverse businesses, it is imperative that they have access to a creative and innovative banking provider. The release of Open Banking will mean that Payset customers can get access to a brand new advanced banking technology directly from their Payset dashboard.

Click below or contact us to learn more about what Payset can do for your business.

A UK multi-currency account can streamline how you manage your finances. Whether for business or personal use, a multi-currency account provides you with added freedom and flexibility and removes barriers to payments and transfer methods.

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

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