Your questions about OnlineÜberweisen

How safe is OnlineÜberweisen?

Online Bank Transfer is a very safe payment method, not a guaranteed one

The FinTecSystems solution assures that several criteria are fulfilled by the time of payment initiation

  • sufficient funds on the bank account for the upcoming transfer?
  • does the system limit suffice for the upcoming transfer?  

and many more.

Our risk settings provide with a large variety of settings / options.

The payment notification does inform about the successful initiation, but in rare cases, the sender bank does not process the transfer.

Why would the sender bank not process a transfer?

Banks currently still process during office hours, meaning neither at weekends, nor labour days or during off hours. In case a transfer is initiated on a Friday night, it will be processed Monday morning. IF the user exceeds his limit by an ATM withdrawal during the weekend, the bank will cancel the open Friday payment. Without telling anyone, btw.  That’s odd, but the nature of the bank transfer.

Usually the payer is not aware of this process, hence in case a payment has not been received, you should -first of all- try to clarify with your customer directly.

It might happen, that fraudsters are taking advantage of this gap, too. So, our advice, don’t take a wire transfer for granted and include these transactions into your reconciliation process.

Depends at which Banking Institute you have your settlement bank account, you could use our automated matching service.

In which countries can my customers pay via your interface?

As of Oct 2018, bank account holders in Germany, Austria and Switzerland (€ & CHF) can use OnlineÜberweisen.

And how many end users do I reach?

The total amount of online bank accounts it the before mentioned countries are approx. 60.000.000  

What would I need to use this marvellous service?

To accept bank transfer payments in € currency, you’d need a € bank account in one of the following SEPA countries:  DE, AT, CH, NL, BG, CY, EE, LV, MT

For accepting CHF, a CHF account is needed in Switzerland.

How does the „Descriptor“ look like?

Additionally, to your descriptor, our system adds a unique ID as further parameter (makes it: „fintec-reference merchant- reference “) To make it easy for your bookkeeping to match the payments, it is advised to use a unique descriptor yourself.

When will I receive the funds and from whom?

FinTecSystems is technical service provider, PSD2 calls us a „ Payment Initiation Service Provider “

Via our interface, your customer accesses his private online bank account and initiates the wire transfer directly to your receiving bank account. We are not involved in the flow of funds, therefore there are no rolling reserves, settlement terms or similar.

According to SEPA rules, the money needs to be received by the next working day after the initiation. Usually after maximum 2 working days, but the majority is received within one day.

As technology usually progresses, interfaces and transaction management are improving, we expect fewer gaps and faster processing in future.

How and when does FTS charge the fees?

We invoice for our services on a monthly base. At the beginning of the following month we issue an invoice for the previous one. You’ll be receiving an invoice as PDF per e-mail or to be found in your account.

If you give us permission to debit your bank account, the due amount is automatically charged.

As we are not involved in the flow of funds, we cannot balance fees against payments.

Can OnlineÜberweisen handle also pay-outs?

As we are a technical service provider, we do not touch the money/funds at all. Remember, the customer’s payments are transferred directly to the defined settlement bank account. Hence a direct functionality for pay-outs is not supported.

Be aware that the payment notification our system sends out in real-time, does include user name and the used IBAN. Providing a valid data base for handling pay outs.

Chargebacks?

After the payment is credited to the settlement bank account, the payer cannot cancel his payment. In contradiction to payments per e.g. Credit Card or Direct Debit.

Still > make sure you include these bank transfer payments into your reconciliation process (see 1.)

Status „Pending“

The status of a transaction is always ‚pending‘, if the FTS Reconciliation Service ist not activated.

This would then change to ‚received‘ or ‚lost‘ (if not received within 2 working days)

Any more Questions?

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