What can the product do?
This product can be used to set up such a transaction by means of a one-time access to the online transfer function of a bank account, taking into account important risk and fraud criteria (so-called security check).
FinTecSystems is a purely technical service provider and is not involved in the actual cash flow. The transfer is made directly from the customer's bank account to the provider's specified receiving account.
The initial call by the provider specifies the basic information of the payments (amount, currency, intended use, receiving account) to be executed on the online banking account. The customer is then prompted to interact (login to online banking). After the successful login, account selection and TAN entry by the customer, the security check is carried out and the SEPA transfer is initiated in the background. As a result, a list of all successfully initiated transactions or details of individual transactions can then be called up.
What steps are included?
In order to reduce the provider's risk of non-payment, the following security checks can be used optionally and configured individually:
- Maximum amount per transaction
- Maximum number of transactions within defined period (customer-specific)
- Maximum transaction volume within defined period (customer-specific)
- Account balance check
- Examination of earmarked revenues
- Perform garnishment check
- Review of chargebacks
- Verification of outstanding payments
- Checking low sales activity
- IBAN blacklists/whitelists
As soon as one or more security checks are negative, the transaction is rejected.
Further options within the interface:
- For each transaction, a status can be set via the interface that states whether the payment has actually been received on the provider's account or not. This is because it can happen that payments have been successfully initiated but are not executed by the bank. This information is used within the security checks.
- By transferring a BIC or a country code within the initial creation of a payment, the bank and/or country selection for the customer is skipped.
- By transferring the name of the sender or a sender IBAN as part of the initial creation of a payment, it is plausibility checked that only payments via this account holder
- and/or this IBAN may be initiated.