- What is Bayzat Payment Solution?
Bayzat Payment Solution is a new feature on our platform enabled by integration with Transfermate. This suite allows clients to effortlessly process payments directly from the platform. Users can pay vendor invoices, manage global payroll, and perform independent bank transfers using this service. The Payment Suite provides enhanced security with Multi-Factor Authentication, minimal flat fees, favorable exchange rates, rapid settlement times, dedicated customer support, and streamlined financial record-keeping.
- What is TransferMate?
TransferMate is a global B2B payments firm with an extensive non-bank infrastructure, facilitating payments in over 140 currencies across more than 200 countries. It holds 92 banking licenses and operates as a regulated Money Services Business (MSB).
- How does TransferMate offer better pricing for global payments?
TransferMate can significantly reduce transaction costs by offering:
>Direct Bank Links: TransferMate's network bypasses traditional banking routes, connecting directly to local banks. This minimizes intermediary fees often incurred in standard international transactions.
>Preferential FX Rates: Leveraging their global reach, TransferMate offers competitive foreign exchange rates that are typically more favorable than those offered by conventional banks.
>No Hidden Fees: Transparent pricing with TransferMate ensures that businesses are aware of the costs upfront, without the hidden fees that often accompany international payments.
- What is Bayzat Global Account?
Bayzat Global Accounts, powered by TransferMate, enables businesses to hold, pay, receive, and convert funds in over 30 currencies through a network of virtual bank accounts issued by J.P. Morgan Bank. Each account comes with an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC).
- What is the location of these Global accounts?
The location of each Global Account varies. Some, like the USD and GBP accounts, are based in their respective home countries, the US and the UK. Others, such as the AED account, are based in different countries, with the AED account located in Ireland.
- How do I open a Global Account?
AED and USD accounts will be opened upon the completion of the onboarding process.
- How can you assure me that my money is safe in these Global accounts?
The platform incorporates robust security measures, including:
>Regulatory Compliance: As a regulated Money Services Business (MSB), TransferMate adheres to stringent regulatory standards worldwide. All data center facilities are ISO27001 and ISO22301 certified and maintain a SOC 2 report.
>Segregated Accounts: Client funds are held in segregated accounts, distinct from company funds, providing protection against creditors.
>Multi-Factor Authentication (MFA): All critical actions, such as creating beneficiaries and authorizing funds, are secured by MFA.
- How do I add funds to my Global Account?
Please click here to learn how to top up your global account.
- What roles should be assigned to manage Bayzat payment solution?
>Invoice Payment Initiator: This role now includes the Payment Creator permission, enabling the creation of payments.
>Invoice Payment Authorizer: This role now includes the Payment Authorizer permission, allowing it to authorize payments. Additionally, it can create payments if needed.
- What are the per-transaction charges for the Bayzat Payment Solution?
>Domestic transactions: No flat fee
>International transactions: AED 20 flat fee
>Foreign exchange margin: Variable depending on the payment corridor, with a charge of 0.5% for USD transactions
- How can I withdraw money from the Global account to my bank account?
You can conveniently withdraw funds from your Global account by initiating a payment to your bank account, following the same procedure as any other payment.