PayDo, a UK-licensed Electronic Money Institution, has launched new customer-to-business (C2B) settlement accounts as part of its comprehensive electronic money solution. This feature aims to facilitate merchants in accepting and quickly settling payments directly from customers’ bank accounts.
This initiative enhances PayDo’s payment offerings by moving beyond the conventional business-to-business (B2B) services that online retailers typically utilize. Specifically designed to manage open banking payment transactions, the C2B accounts minimize settlement delays, remove the necessity for manual payment requests, and deliver instant payment confirmations to merchants.
Settling in under two seconds
The efficiency of the new accounts centers on rapid processing. When customers choose a pay-by-bank option during digital transactions, the payment is initiated via their banking app and is directly transferred into PayDo’s framework.
Upon receipt of the funds, they are settled to the merchant’s business account in under two seconds, with an immediate notification sent to the merchant confirming that the transaction has cleared.
By facilitating these direct C2B bank payments, PayDo aims to enhance the settlement speed for merchants, streamline daily payment operations, and offer improved visibility over incoming funds via a unified account structure.
Serhii Zakharov, CEO and founder of PayDo, highlighted the significance of this feature. “We’ve moved the needle from making open banking possible to making it operationally effective for businesses processing significant payment volumes,” Zakharov remarked. “This is how a promising payment rail becomes a more practical and reliable part of day-to-day commercial infrastructure.”
Meeting the demand for alternatives
The introduction of this feature addresses an escalating industry need for payment methods that ensure a smooth user experience while providing quicker settlement times and reducing operational friction. This model enables customers to pay without the hassle of inputting lengthy account information, while merchants gain faster access to funds, potentially offering a more cost-efficient alternative to traditional card payment processes.
The new solution is built entirely on Payment Initiation Services technology and integrates seamlessly into PayDo’s broader business account ecosystem. This ecosystem enables merchants to receive payments, manage their balances, pay suppliers, and execute global money transfers all from one platform.
Alongside the new settlement features, PayDo continues to provide merchant accounts and checkout services that incorporate Visa and Mastercard acquiring, as well as access to over 350 alternative payment methods.