Effortless bank payment preparation with PaySway

Managing transfers when you have more than one bank or payment scheme integration is complex. Here are some of the reasons:

• Beneficiary and payment validation across multiple corridors is challenging, especially when you need to provide (or receive) clear reasons for failures to minimize support queries. Banks need to reduce customer queries, while enterprises want to avoid contacting bank support.
• Routing payments correctly is tough, even for local transfers, and mistakes can cause delays or failed transactions.
• Transfer estimations are essential, but many banks don’t offer reliable or any ETAs, leaving customers in the dark.
• Local payment rules and compliance are hard to manage, especially when dealing with different jurisdictions and requirements.

PaySway solves these issues with an API that covers real-time validation, enrichment, and transfer estimation. Here’s how this stands out from traditional options.

Standard solutions are limited

LexisNexis and SwiftRef provide raw bank data as txt and csv files, along with basic APIs pointing to those. They remain largely unchanged from the old paper directories, just in digitized form.

• Figuring them out takes considerable time.
• Practical, hands-on implementation guides are lacking.
• Those guides that are present reference Java version from 20 years ago.

While you can use payment processors for validating beneficiaries, many of their checks and enrichment options mimic the basic APIs mentioned above. For example:

https://api.transferwise.com/v1/validators/sort-code?SortCode=200000

https://api.transferwise.com/v1/validators/bsb-code?bsbCode=123456

https://api.transferwise.com/v1/validators/hungarian-account-number?accountNumber=testing

This results in the same integration complexity, failing and delayed transfers, and generic error responses.

Real-time validation that prevents issues before they happen

PaySway’s validation is designed to catch problems early. Whether it’s validating IBANs, bank identifiers, account numbers, purpose codes, payment schemes, or paths to banks, PaySway’s checks apply hundreds of rules to ensure payment details are accurate and complete. Just send a full or partial payment instruction, and PaySway handles the rest.

• Precise validation alerts provide clear, actionable feedback on any issues.
• This helps internal teams and end users avoid and understand problems before they cause delays or failures.

Enrichments that add structure and accuracy

PaySway’s enrichment engine structures payment instructions to ensure their success. It converts data like postal addresses into structured formats, offers routing inputs, and transforms bank and account details into the correct format for each situation. Additionally, it recommends extra input where the risk of false positive alerts is high, helping to prevent payments from getting stuck.

Transparent payment timelines with ETA predictions

Transparency is crucial in bank payments. PaySway provides ETA predictions based on payment schemes, routing paths, holidays, and cut-offs, giving banks and enterprises a clear view of when the funds will arrive.

Additionally, intermediary fee estimation ensures clients know the full cost of a transaction upfront, helping them make informed decisions regarding the OUR/SHA fee option and avoid unexpected charges.

A user portal that empowers clients

With PaySway’s user portal, clients can monitor and optimize their payment processes with real-time insights. This includes:

• Tracking payment issues and viewing detailed statistics.
• Running A/B tests on different payment routes and intermediaries to optimize cost and speed.
• The ability to add or modify records, even if a bank’s information isn’t fully published, ensuring transfers can still proceed without unnecessary delays.

By providing accurate validation, data enrichment, and transparent payment timelines, PaySway addresses the core challenges of managing bank payments. Our API ensures smoother transactions, reduces costly failures, and streamlines the entire payment process.

Interested in improving your bank payments? Schedule a demo or email us at dmitry@paysway.io to get the integration guide and Postman collection link.