Instant bank transfer offers you a fast and secure way to fund your GBP account without having to leave either Currencycloud Direct or your White Label platform.
What is instant bank transfer?
Instant bank transfer will remove friction and make it easier for you and your customers to fund their accounts, by removing the need to leave the platform to manually instruct a payment. We can offer this service by partnering with Plaid and integrating their Payment Initiation Services (PIS) into our platform.
You can now initiate instant GBP payments 24/7 from your bank account within the platform that settle in seconds, offering both you, and your customers, a significantly greater customer experience.
How it works
- Select ‘Instant Bank Transfer’ from the GBP funding options
- Enter the amount you would like to fund your account with and select ‘Initiate Bank Transfer’
- Select your bank from the drop-down list in the pop up
- Authenticate with your bank either by scanning the QR code or selecting ‘continue on desktop’
- Confirm the displayed payment details
- A confirmation screen will display that your account is now topped up and you can make GBP conversions and payments around the globe!
See how this looks in action below. Please note that loading times may vary.
What currencies does this apply to?
Currently, it’s only possible to fund your GBP account online. This operates via the UK Faster Payment Scheme (FPS), which means payments made into your account can happen 24/7, normally arrive within a few moments, and are limited to £250,000 (each bank may set their own limit).
Can I still fund my account using a manual transfer?
Yes, you can still top up your account manually as before. This is just an additional and easier way to fund your GBP account, without needing to leave the platform.
Can I use this functionality on behalf of my customers?
No. This feature should only be used by yourselves, or directly by your customers. You should not be using this feature on behalf of your customers.
Do I need to do anything?
No! This is enabled for all clients who are able to fund their GBP balance via regular payments.
Can I use this method to fund my GBP balance via SWIFT?
No, this service uses the Faster Payment Scheme payment rail.