Improve and optimize your bank payments with PaySway

Bank payments are far from perfect. They present challenges for banks and payment processors due to the wide variety of payment systems worldwide, with several even co-existing within the same country. These systems can differ in nearly every aspect, from account number formats to the specific details a bank must provide before processing an outbound transaction.

Customers also struggle with these complexities. They may not understand intermediary BICs and might attempt to input Swedish kontonummers, Hungarian account numbers, or Algerian RIBs instead of the standard IBANs prompted in the UI, leading to confusion. When errors occur, users prefer actionable recommendations over generic messages like 'Something went wrong'. Additionally, they value accurate ETAs and clear cost predictions for their transfers, including any intermediary fees—information that is often lacking.

At PaySway, we keep track of all the different types of bank payments globally. We specialize in validating, enriching, and estimating local and international transfers and wire instructions, ensuring they reach the beneficiary without a single issue while providing the best possible user experience. We've packaged all of these capabilities into a single API that we call Payment Preparation.

How you can use our product in your setup

Payment Preparation helps you improve all bank payment metrics, including the STP rate (straight-through processing rate), save on bank fees, reduce amendment and information requests, and enhance user experience.

As your employee or customer inputs the beneficiary details in the payment application, you can call our API in real-time, field by field, and provide the input that you have at the time.

Here’s an example of a mock request and response, where you tell our API that you or your payment processor ('BANKUS33XXX') would be sending KRW to Lloyds Bank ('LOYDGB2LXXX'), based on what you have on the frontend:

As Lloyds Bank doesn't hold any KRW accounts, we respond that this transaction will not succeed, citing the exact reason. You will be able to use this output to display a clear and helpful error message.

This allows the end user to react immediately and address the issue with their beneficiary or try another currency. Payment Preparation is highly flexible in its implementation. For example, you or your payment processor could query our API to identify which currencies are supported by Lloyds Bank and display only those in the dropdown menu, provided the UI is slightly different.

Once the transfer details are confirmed and the customer input passes all validations, you can call our API again to retrieve intermediary fees and ETAs. This information can be displayed in the UI or used for treasury analytics, providing full transparency and ensuring the best-performing transfers.

At PaySway, we are continually developing solutions to further enhance bank transfers. We offer Embedded Forms — configurable fields that you can integrate into your website or app for optimal beneficiary details collection — and Penny Testing, a service designed to ensure that critical payments reach their intended recipients smoothly and reliably.

Schedule a call or email us at sales@paysway.io today for a live demo and to discuss your specific needs.