Introducing Yaspa’s manual IBAN feature: more choice for your payouts
We're excited to announce the launch of Yaspa’s new manual IBAN feature for payouts! This addition gives our users more flexibility and control over how they receive their funds.
What is our manual IBAN feature?
Our manual IBAN feature is a new option that allows customers to manually enter their bank details for fund withdrawals, as an alternative to connecting their bank through open banking, as you would normally do with Yaspa. This feature is only applicable for payouts.
Why it matters
Some banks, for example many in Germany, require manual entry of the recipient bank account number (IBAN) for a payment to be processed - and this new feature ensures this is possible.
Manual IBAN entry can also be used by customers who for one reason or another want to receive a payment into a different account to that which they may have already connected via open banking. The funds will still be subject to instant transfers, where available, but now the end customer has more control.
How it works
It's simple! When selecting a bank for withdrawal, users can now choose "Enter bank details manually." They'll then be prompted to enter the IBAN and BIC of their desired bank account.
- A user would go through our typical verified payment process, where they will see our bank selector, with a selection of banks for them to choose from:
- When a user clicks ‘Enter bank details manually’, they will see our manual IBAN section - where they will input their bank details and hit ‘Continue’.
- On the final screen, the user will receive confirmation of their payout and a button to take them back to the merchant:
The benefits
- More choice: Users have the flexibility to decide how they provide their banking information.
- Wider coverage: We now cater to banks that require manual IBAN entry.
- Flexibility: Users have the option to use different banks for deposits and withdrawals.
What's next?
Our manual IBAN feature is live with a few, select customers before a full rollout of the feature. We're also working on further improvements, particularly in IBAN validation, to continue enhancing the user experience. By offering both open banking and manual IBAN options, we're ensuring that we cover all bases for our users' payout preferences.
Stay tuned for more updates as we continue to refine and expand this feature!
