Payset to Offer Open Banking Capabilities
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.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
Which currencies can I send and receive in my account?
Payset allows you to receive payments in 34 currencies. You can send payments from your account in 38 currencies. For more details, check our payment guide.
How do I add money to my account?
You can add money to one of your Payset currency balances in one of three ways:
- Provide the account information to any person or company to pay you funds into the account from any bank account in the world.
- Send money to your account from another one of your accounts in another financial institution.
- Ask another Payset user to send you funds internally.
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.