The cross-border payments market is extremely dynamic and leads, in many aspects, the technological innovation focused on organizations. Much of this innovation work is being conducted by fintech companies. 

WePayOut is one of them. We are focused on processing cross-border mass payouts to Brazil for companies that need to pay many beneficiaries.

The subject of this post is the launching of WePayOut's newest product: a tool to further optimize this process: the Bank Account Qualification

First, it is important to understand why this functionality is essential. How can the validation of bank account increase the conversion of your cross-border payments to Brazil, reduce the demand on your customer-support channel, and increase the satisfaction of your beneficiaries?

Do you want the answers? Keep reading.

How important is it to automatically qualify the bank account of beneficiaries? 

Before the automated and complete qualification of banking data, this process was a real headache for the financial sector. Payments were often rejected due to incorrect information resulting in a low conversion rate. Also, by delaying payments due to incorrect banking details, there was an extra burden on your customer service and the risk of the impact on the company's reputation in the market, sometimes irreversible. 

The automated validation of bank accounts offers an innovative and technological solution for the optimization of payment processes. By exploring these problems, WePayOut has developed a tool to increase the conversion of payments and reduce claims from beneficiaries for late or unreceived payments

How WePayOut's product for qualifying bank details works 

WePayOut offers a complete and customizable solution for payments to third parties, such as delivery companies, freelancers, suppliers, and even payment reimbursements. We offer a complete solution that meets the need of companies with a high volume of payments and that want to reduce operational and financial risks, as well as to have a higher rate of successful payments and avoid rework, that is, increase their operational efficiency

The remittance industry and the freelance industry are two interesting cases that already consume and benefit from this product. As the volume of payments reaches the hundreds in a single day, and have very short deadlines for the payment to reach the final beneficiary, checking the bank account before processing the payment has proven to be fundamental for higher performances, besides avoiding legal and image risks. 

Read also: How does the partnership between fintech and remittance companies work?     

Some advantages of this feature

  • Prevents the processing of payments that would be rejected;  
  • Informs and provides the corrections applied via dashboard or API, in real-time; 
  • Fast response time; 
  • Reduces the rate of complaints by recipients of delayed payments;
  • Reduces demand in the back-office areas, such as customer service.

Three-level validation 

For this validation to provide the best results, our tool has three levels of validation

● Level 1 - Validation

● Level 2 - Systemic / Payment

● Level 3 - Manual

You take advantage from this rigorous analysis process by WePayOut Bank Account Qualification: 

● Qualify and adapt the bank details to each bank's standards and validations

Confirm that the bank account exists and belongs to the beneficiary you wish to pay; 

● Import the corrections and fix the bank details in your database;      

● Reach conversion rates 90% in cross-border payments

The Bank Account Qualification, which can be accessed via WePayOut dashboard or API, performs the analysis, validation, and correction of bank details. 

Our intention with this launch is to provide our customers with greater assertiveness in their cross-border payments to Brazil.       

WePayOut's Bank Account Qualification tool is one of the most complete in the market.

Do you want to learn how this solution can be applied to your company's process?  Schedule a demonstration now. 

We look forward to hearing from you!