Funding Methods
You can deposit funds to your funding account based on the needs of your business. The possible funding methods are:
- Direct funding, or
- 3rd party funding.
In the case of direct funding, you deposit funds directly from your bank account to your Nomupay funding account.
You may also wish that funds are send to your Nomupay funding account by one or more 3rd parties. In that case, Nomupay will need to review and approve the 3rd parties before they can start depositing funds on your funding account.
It should be noted that funds deposited to your funding account will not immediately be reflected on your available balance. The process can take up to 3-days and will depend on various factors. I.e. most banks execute the actual transfer of money twice a day, once in the morning and once in the afternoon on business days. Transfers that are triggered after business day cut off, will by the bank be processed during the next available batch transfer. So, depending on when you issue the bank transfer, there could be a delay till the money arrives on your funding balance. That said, there are some bank transfers which are fast, and depending on the bank and country, the funds may be transferred over the weekend. Some examples would be; Cross border transfer to the same bank, or transfer within the same network.
Funding Balance
The funding balance is the centralised hub of your Payouts solution.
The funding balance is composed of 2 types:
- Available Balance: Funds deposited, which have passed the sanctions screening, and are directly available for disbursements.
- Pending Balance: Funds deposited, which failed the sanctions screening, and are currently undergoing a more detailed risk assessment. These funds will remain pending until they are approved by the additional assessment.
Note, as the owner of the funding balance, you can, at any time, withdraw any available funds and send them to recipient or to your own designated bank account.
Funding Accounts
A multi-functional capability, virtual accounts can help your business by;
- Automating reconciliation and funding for your disbursements.
- Providing the ability to receive money in a range of local currencies, without the need to have a jurisdictional presence in the country.
Nomupay's virtual accounts are externally addressable representations of a bank account and can support several different currencies. Virtual account details are available in various local formats for their local IBAN/BBAN, including Denmark, Germany, Luxembourg, and United Kingdom.
This capability must be requested and enabled during the technical configuration of your Payouts solution. Additional information on virtual accounts can be provided during your onboarding process.