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How to make payments without banking details of beneficiary

Many companies need to make a one-off payment to their customers, e.g. a refund, a rebate, but they don’t have their bank account details. For the corporate, getting the details can be very complicated, lengthy and costly and introduces privacy concerns and security risks. While for the bank, typically is reliant on the corporate to provide the information required in order to support STP (Straight Through Processing) and make the payment in the exact format required, e.g. IBAN for a Euro payment vs. sort code and account number for sterling payments.

Self Service Portal

Volante, the payments processing and financial message integration specialists, have developed a Self Service Portal in their VolPay Channel suite for banks and corporates, in which the corporate simply has to provide an email ID / mobile phone number together with the amount to be paid directly to the beneficiary. The portal then makes the payment when the customer has provided the required data.

The channel’s workflow is configured to communicate with the beneficiary and gather the relevant data via the self-service portal, while handling key aspects such as security, legal implications, and twofactor authentications to bind the processing, legal and risk aspects of the specific use case, see below:

Source & Copyright©2018 - Volante Technologies Inc

Typically the Self Service Portal will be used by banks which is why the messages are sent to different payment systems (‘payment engine’ in Volante’s terms).

Main corporate benefits

Volante believe that the main benefits for corporate users will be:

  • system acts as a ‘virtual check’ - so funds stay with the corporate until the beneficiary “cashes” it, logging in online to claim it.
  • reduced exposure and liability: no need to retain beneficiary financial data
  • corporate can automate this part of its payments process flow simply by adding an application plug-in.

Also there is a choice of deployment options: 

  • use a bank which hosts the service and install their API 
  • create corporate’s own internal portal within its own technical infrastructure.

This item appears in the following sections:
Payments - Making
Accounts Payable Management
Making International Payments
Making Urgent Payments

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