PayRecs is an international b2b payment platform that allows users to send and receive payment as well as hold currency accounts.
PayRecs delivers a best in class user experience; simplifying international payments and making it easy for you to send, receive, and track payments.
No! PayRecs seamlessly integrates with your existing bank account to create your profile. Just ask your banker for access to the best international payment experience.
No. PayRecs will migrate existing beneficiaries into your profile. You will, however, be asked to re-approve all beneficiaries within the PayRecs platform before you begin using them.
Generally, yes. PayRecs works to expedite settlement of all payments and specifically FX payments. FX payments usually settle within 24 hours and in some instances they can settle in just a matter of minutes.
Yes. PayRecs allows you to create virtual currency accounts in over 30 different currencies. You can use these accounts to hold foreign currency, or send and receive local currency payments. You can instantly fund one of these accounts right from the PayRecs platform.
The fees vary depending on your payment volume. All fees are fully disclosed up front and are visible on every transaction so you never have to guess what you are being charged. There are no fees for maintaining a PayRecs account.
You can receive support through a number of channels. PayRecs offers in-app chat support, email support, phone support, or you can contact your banker to help you. PayRecs and your bank work together to ensure you have the best experience possible.
Yes, through our deep integration with Q2 we can deliver SSO, 2FA, and multi-level approval structures, in order to best maintain your clients security.
PayRecs can utilize the existing company limits for international payments from a user's Q2 profile.
PayRecs provides a totally digital solution, including transaction entry, confirmations, and even posts transactions to your customer’s account. The only manual process that will remain is sending a single wire for daily net settlement.
PayRecs runs all necessary checks on each transaction but we can also share complete transaction data with your team so your compliance team can fulfill all necessary obligations.
Jon is. He’s nicer, can run faster, and has a 3 game advantage in their ongoing ping pong challenge. Steve is way more grumpy. That is believed to be a result of either eating too healthy, or because he does most of the actual work. After their next ping pong challenge, a footrace will be live streamed. Steve is confident he will win.
Both PayRecs and the bank have the ability to support the customer. PayRecs provides in-app chat support, as well as live phone support. We also provide a tool for bank operations teams to be able to support their customers in a variety of ways if you so choose.
A new customer can be live in less than an hour. Set up is easy and the bank can both initiate and approve new customer set up.
PayRecs removes the complexity of international and FX payments by intelligently guiding customers through the process of paying and requesting funds from practically every country and currency. Our solution offers a best-in-class user interface backed by robust limits and entitlements that enable your institution to mitigate risk and protect your customers.
Since PayRecs requires almost no technical integration on your part, the majority of the time allotted for the project will be dedicated to customer and staff communication, testing and customer onboarding. The timeline from signing to the launch of your first customers can be between 6- 8 weeks depending on your requirements and available resources. The timeline to have all customers onboarded can be under 16 weeks depending on requirements and available resources.
Customers can make domestic wire transfers in their home currency depending on their entitlements. Financial institutions have the ability to allow or prohibit users from making domestic payments via the PayRecs platform.
Migrating existing customers and their data to PayRecs takes two steps: 1. Generate conversion files containing recipient info for existing customers and provide to PayRecs 2. At launch, give existing customers access to the PayRecs SSO in Q2 Central
If you integrate via the Q2 Marketplace, limits and entitlements will flow from Q2 online banking into PayRecs and will be updated periodically as well as anytime a user logs in to PayRecs.