Let’s face it, nobody wants the hassle of a manual bank transfer every time they want to top up their funds.
You told us you wanted a simpler way to transfer your pounds from your bank to your Zumo account, and now you’ll be able to do just that and top up faster than ever before with our new, open banking enabled payment initiation service.
Say goodbye to the manual bank transfers - from now on, simply select your linked account and approve the payment in a few clicks from within your banking app.
Crypto should be easy and accessible - including paying in the money to fund it - and we hope this new feature will make your life that little bit easier!
Payment initiation service FAQs
What is a payment initiation service?
A payment initiation service is a way for you to authorise payments directly from your bank account to allow for a faster, more streamlined payment process. Think of it like a faster, simpler bank transfer controlled and approved by you, the user.
What are the benefits of a payment initiation service?
Because you are authorising a payment directly from your linked bank account, the settlement of the payment is extremely fast, you save yourself the time of making a manual bank transfer and you also avoid the risk of mis-entering the account details on that transfer and sending your money to the wrong place by mistake.
How do I use it?
Take advantage of our new streamlined payment initiation service by selecting the ‘Top up’ option under your Zumo GBP account. If you already have a linked bank account, this will be displayed on the next ‘add funds’ screen. Select your top-up amount and you’re ready to go to the next step. If you don’t yet have a linked account, you’ll be asked to select one from the available list of UK banks. You’ll then give your consent to initiate the top-up transaction from within the Zumo app, and be taken to your bank’s app to confirm the payment, before returning to Zumo and being able to use the funds immediately.
Is it secure?
Our payment initiation service is offered via our payment processing partner Modulr. Modulr is a Financial Conduct Authority registered Payment Initiation Service Provider (PISP). This means it is authorised in the UK to provide payment initiation services and thereby initiate payments on behalf of a user from their bank account.