Clear Books, Plaid launch Instant Bank Payments feature

Powered by Open Banking technology, Instant Bank Payments reportedly helps businesses get paid quicker by making it easier for their customers to pay them directly via bank transfer. The new feature allows Clear Books users to enable their customers to pay them directly from a button on their invoices. Their customers have to take three steps:

• Select the bank to pay from;

• Securely authorise with their bank, using their own mobile banking app, or online banking;

• Confirm payment.

Instant Bank Payments works with existing business current accounts, so there reportedly are no lengthy application forms or tricky verification processes. Instant Bank Payments is a safe and secure method of payment made possible via the Open Banking infrastructure provided by Plaid. Making a payment through Instant Bank Payments offers the same security and protection as making a bank transfer directly through your bank, ffnews.com concludes.