With the much anticipated Fed rate cut now done, here are a few enhancements we have made over the last month to serve you better.

Osko support for NPP Payment

Our NPP Payment methods such as Virtual Account and PayID are now supporting the Osko network by BPAY. So if you have suppliers or customers paying from banks such as Westpac, St George Bank and a few others to you they can do so now.

More information on Osko can be found here 

Expanded Capability in NZD

We have introduced NZD top-ups into your payout wallet from where you can make payouts via Direct Credit locally through dashboard, API as well as through a bulk file. While we work with our counterparts to streamline the process, the whole process of top-up to disbursement can be covered within one business day. Please reach out to your account manager if you wish to enable this functionality.

Expanding into Indonesia

We have expanded to Indonesia to offer collections via Virtual Accounts in IDR and to settle to you cross-border in currency of your choice. We will also be able to do local payouts in IDR to banks and e-wallets  in Indonesia. For Finmo customers who wish to only perform bank transfer payouts in IDR, we will provide you the facility to load funds in USD and load your IDR Payout wallet. We will be adding more currencies for cross-border top up in the near future. 

2FA for payouts

If required, we can enable OTP on all outgoing payouts. This allows you to have more secure transaction flows while doing payouts. The OTP will be sent to the same place where you will get OTP while logging in - ie either email/SMS or via authenticator app. You can request your relationship or sales manager to enable this feature. More info here or here.

Introducing “OUR” as payout charge bearer

If you wish to make TT payouts where all the transfer charges are to be borne by you, you can choose the newly introduced field “Charge bearer” as “OUR” (see screenshot below), in which case you will be charged an additional U$ 25. Else please leave it as “Shared”, where the payee pays their bank charges, while you incur charges only from your end. Please reach out to your account manager if you wish to enable this functionality. If this functionality is not enabled, the default option is taken as “Shared”. More info here.

Please do note that a new parameter field “payout_charge_bearer” will be added to the payout API within two weeks. Please incorporate this change on your side.