The financial platform PayDo has introduced a specialized International Bank Account Number (IBAN) tailored for consumer-to-business (C2B) transactions. This solution offers rapid settlement, full automation, and ongoing reporting designed for Open Banking ecosystems.
Unlike traditional business accounts that still process consumer payments through business-to-business channels, each dedicated IBAN allows direct receipt of Open Banking payments from individual consumers. According to PayDo, these transactions are processed swiftly via the UK’s Faster Payments Service (FPS), enabling immediate confirmation by the recipient upon transaction completion.
The system streamlines the payment verification and recording process, eliminating the need for additional documentation. It also features real-time reconciliation through APIs, supplying businesses with comprehensive, continuous transaction data.
Strides Towards Open Banking Integration
A spokesperson from PayDo highlighted that this launch marks a significant stride towards making Open Banking practical for everyday business operations. The initiative focuses on integration and workflow optimization rather than marketing efforts. Additionally, the company has recently launched direct acquiring services for major card schemes and plans further advancements leading up to 2026.
By introducing this dedicated IBAN service, PayDo aims to bolster its standing in the payments infrastructure field by aligning modern financial capabilities with business needs. The existing information on their business-account offering indicates support for multi-currency IBANs and a range of payment schemes (including SEPA, SWIFT, and FPS) across various jurisdictions.
Furthermore, PayDo has recently expanded its European payment offerings by directly connecting to both SEPA and SEPA Instant. This move shifts the company’s euro-transfer operations away from correspondent banking networks, enabling faster transaction handling within their own infrastructure. Consequently, standard SEPA payments are anticipated to reach recipients on the same day, while SEPA Instant transfers process almost instantaneously.
