Banking Circle Australia has expanded its PayID service for payment providers and platforms.
Clients can now use one API to create a PayID for a customer, an invoice or a single payment. Once the payment arrives, they can deregister it.
PayID lets a payer send money to a registered ID instead of a BSB and account number. Before they pay, they can also see the name linked to that ID.
With the Banking Circle PayID service, clients create these IDs on their virtual accounts.
Each ID then links to one customer, invoice or purpose. In this way, the ID itself shows what each payment is for.
Payments move through the New Payments Platform (NPP), Australia’s real-time payment system.
Each payment still holds the data needed for transaction checks, the company said.
Funds go directly to the client’s Banking Circle account. The firm said this removes the need for an end-of-day transfer from a separate payment firm to the client’s bank.
The service also works for outgoing payments. Clients can pay to a PayID held by another party. They do not need that party’s BSB and account number.
“Because the payment purpose is linked to the PayID itself, incoming funds can be identified and reconciled as they arrive, reducing reliance on payer-entered references and manual intervention,”
said Ying Zhuo, Head of Product APAC at Banking Circle.
“It gives payment providers and platforms a scalable way to offer dynamic PayID experiences without adding another provider between themselves and their bank,”
said Piers Cracknell, CEO at Banking Circle Australia.
Featured image: Edited by Fintech News Australia, based on image by Who is Danny via Magnific.
