Technology – FLYT

Technology

Platforms

FLYT currently uses a number of different payment providers including:

  • X-Hedge (AssureHedge)
  • CurrencyCloud Direct (CurrencyCloud) – A Visa solution.
  • EBO-Ebury Online Platform (Ebury)
  • ScioHub (ScioPay)

FLYT understands that each of the platforms used are owned by our respective partners.

Key benefits

  • 24/7 Access. Access to your account anytime.
  • Named Customer Accounts. Unique multi-currency accounts in your name so you can receive, convert and pay-out funds, from anyone, to anyone. 
  • Flexible Receivable’s and Payables. Receive and send funds in 30+ currencies via SWIFT and send funds in up to 17 currencies locally. 
  • Automation. Reduce costs through automation. All funds are automatically screened and reconciled removing manual processes, saving time and money.
  • Beneficiary Management. Easily amend and update new beneficiary details.
  • Multi User Level Restrictions. You can share access to the platform with other members of your team & put user level restrictions in place.
  • Audit History. Full audit trail and overview of your history with FLYT.
  • Support. Support team available to speak with you should you have any queries.
  • More Choice. Select from fast, secure payment methods at your fingertips, such as Faster Payments, SEPA, ACH and more where available.
  • Business Insights. Access real-time tracking data as well as payment and conversion reports with the click of a button.
  • SWIFTgpi. Track International Payments via SWIFTgpi.
  • Visibility. If payments don’t land with the beneficiary, we can help clients find these payments in minutes and understand why the payment may have been held up in transit.
  • Tracking. Our support teams can track any SWIFT payment to find out where it is in the network. In future, we’ll be able to give clients self-service access to this capability too, removing the need to get in touch with us directly and allowing the end payer to track payments at the click of a button.
  • Transparency. See which banks have processed the payment and deducted fees along the way.
  • Speed. Faster payment delivery times with beneficiaries in certain countries.

Payment Initiation Service (PIS)

Welcome to the ultimate payments experience.

Payment Initiation is a new type of payment method made possible with open banking. 

It essentially works by allowing users make transfers or payments by connecting to their banks and authorising transactions, without needing to leave the FLYT platform. 

Clients benefit from a quick, seamless payment experience.

This service will be live in Q3 2022. 

The Problem

Up until now, customers using foreign exchange platforms have had to leave the app/website to make a top up payment into their account from their chosen bank, which can be quite a manual and time-consuming process.

The Solution

By using the FLYT platform, companies/private clients can now fund their accounts without leaving the platform, simplifying the payment journey. 

This also means customers will be able to pull money directly into their account from any bank, making the process so much easier.  

How it works

  1. The user decides to make a payment. You confirm the amount and the bank you want to use. You are then automatically redirected to your bank to confirm the payment.
  2. FLYT facilitates the Payment. Once the payment is confirmed, money is instantly added to your account/digital wallet. FLYT then returns the users details, allowing you to confirm bank account ownership. 
  3. Instant access to your Funds. Our Open Banking partner then re-directs you back to FLYT and funds will be in your account straight away allowing you to set up and pay invoices.