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Insurance, News

Vitesse Releases “Tokenised” Beneficiaries

What does it do?

Enables our customers to communicate payment instructions without sharing bank details every time. When submitting payment information initially, Vitesse will validate the details and provide a unique beneficiary reference to be used for future payments.  This unique reference can be changed to match the reference you have to identify the beneficiary.

What are the benefits?

Simply Vitesse stores your customer bank details in our secure environment so you don’t need to. They are referenced by a simple token that can then be used to instruct payments immediately and in the future.

How do I get started?

In order to pay a beneficiary, you need to capture bank details, such as an account number and sort code for UK payments, or an IBAN & Swift code for most European payments. The set of fields that need to be captured differ across the globe. Vitesse has developed a secure storage mechanism such that these payment details can be captured once, then reused as needed when making payments. The first step is to capture the payment details – this can be done interactively by an end-user, who can manually enter the beneficiary details, or by using our standards-based API.

Capture Beneficiary Details

How does it work?

Vitesse validates the details that are entered such that failures are caught as early as possible – for example, the IBAN provided might fail a checksum test. The beneficiary is given a unique reference which is used when making subsequent payments – this reference is supplied by you so can match whatever you use in your system to identify that beneficiary. When you then wish to make a payment to the beneficiary, you only need to supply this unique reference in order to “unlock” the stored bank details. Payments can be made to stored beneficiaries in one of three ways as shown below. Payments can be manually entered, they can be uploaded as a batch file in a number of formats, or you can integrate directly with our API. In either case, you use a unique reference to identify the beneficiary details. These only need to be stored once in our system and can then be reused whenever you wish.

Ways to Pay

If you’d like to know more about Vitesse and the services we offer, fill in the contact form below.

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