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Payment Rails

Name: Payment Rails
Rating: 4.5 (2 reviews)

By Payment Rails

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Highlights : About Payment Rails

Bank account validation

Accounting Integration

Bank Reconciliation

About Payment Rails

Payment Rails is a global payment platform for sending business payments to customers, contractors, suppliers, collaborators, and any other business partner. The cloud-based tool facilitates payments to individuals or companies internationally to over 200 countries, and in any local currency. Payment Rails automates tasks such as collection and validation of transfer information and mass payment distribution with the aim of simplifying the accounts payable workflow. Payouts can be planned and executed within Payment Rails, with tools for facilitating global bank transfers, SWIFT bank transfers, VISA and MasterCard credit or debit card transfers, and mobile money transfers such as M-PESA, AirTel Money, and more. Businesses can transfer payments to individuals, such as customers, or other businesses, in over 200 countries using Payment Rails’ access to global and localized banking networks. Onboarding and verification is carried out automatically in the Payment Rails platform, and any fraudulent or suspicious users are flagged using the AML watchlist screening tool. With Payment Rails, businesses can manage their payment recipients with online forms to capture bank account details, customizable white-label email reminders and confirmations, automatic validation of bank details, and returned payment management. Payments can also be tracked in real time so that senders and recipients are both aware of which stage of the transaction a payout is at. Tax compliance can be managed within the Payment Rails platform with automatic management of digital tax form collection, withholding calculations, year-end tax reporting, validation, and more. In order to avoid errors and ensure compliance, tax withholding calculations are carried out automatically, and recipients are able to fill out digital W-8 or W-9 forms with real-time rules validation.

Specifications

24/7 Support

Yes

Business Size

Mid-Market

Deployments

Cloud

Language Support

English

Platforms

Product Details

Features

Email / newsletter communication

Returned payment management

Live payment tracking

Bank account validation

Instant payments

Accounting Integration

Cash Mangement

Bank Reconciliation

Electronic payments

Real Time Notifications

Third Party Integration

Two-factor authentication

Workflow Management

Benefits

Manage payouts to over 200 countries to suppliers, contractors, collaborators, donors, customers, or any other individual or business, and in any currency, with automatic currency conversion.

Allow businesses or individuals to provide their bank details via a custom form by embedding the recipient widget into the business website. Details are then automatically added to the Payment Rails database and recipients can be managed securely.

Track payouts in real time with live payment tracking which provides updates on status including “payment initiated”, “payment method setup”, “compliance screened”, “submitted to bank”, and “processed by bank”. Instant payments can also be setup.

Monitor and prevent risks and fraudulent transactions with Payment Rails’ screening tools which can identify and block fraudulent accounts with automatic screening against Anti-Money Laundering (AML), Counter Terrorism Financing (CTF), and other global watchlists.

Ensure compliance with automatic tax deduction calculations and other compliance measures, and control security with features such as tokenization, data encryption, two-factor authentication, user role-based permissions, and more.

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