The New Payset Platform Is Live!
Last week, we began migrating client accounts and onboarding new clients to our new payment platform, Payset 2.0! We’re certain the new platform will dramatically improve the Payset experience for all clients. See what’s new below!
A Note to Clients: Account Details Remain the Same
As we migrate current Payset client accounts to the new platform, we are assuring all clients that your account details will remain the same and your full transaction history will be available in the new client platform. Should your account details change, we will notify you in advance.
Here are just a few of the new features of the Payset platform:
Key Features of the New Payset
- Easily add and save beneficiaries
- Improved transaction tracking
- Live exchange rates and margin tracking
- Easily retrieve account and transaction details
- Improved security
- Instant in-platform client support
- Support for mobile devices
Easily Add/Save Beneficiaries
The new platform makes adding and saving payment beneficiaries easier so you can keep your frequent payees organized and accessible without the need to add new bank details each time. The system will retrieve the information for you.
When you receive funds from a new counterparty, their details are automatically saved for you so you can easily send them funds.
Improved Transaction Tracking
You'll be able to track the status of your transactions at every stage of the routing process at any time from your online dashboard.
Live Exchange Rates and Margin Tracking
Enjoy improved exchange rate transparency and track live FX rates while you are completing your conversions.
You’ll also see the FX margin displayed before you make the trade.
Easily Retrieve Account and Transaction Details
All account and transaction details are at your fingertips (access customized reporting and easily share account details with third parties to receive local and international payments).
Improved Security
We protect your funds with enhanced network security, data protection, and multi-factor authentication for all sensitive activities.
Instant In-Platform Client Support
Get instant support from our dedicated client support team through multiple channels, including a new live chat feature, all available within the platform.
Support for Mobile Devices
The new Payset platform is tailored for use (via the browser) on any mobile device for efficient account management while on the go.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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