At Swiftcourt, Open Banking is an important part of our payment service, Swiftcourt Secure Escrow Payment. It helps us keep transactions secure and efficient for both buyers and sellers. Open Banking makes the process safer by reducing the risk of fraud, securing transactions, and providing transparency.

The seller starts the process by setting up their payout details, they connect their bank account using Open Banking’s Account Information Services (AIS). For added safety, a name check is performed to ensure that the account belongs to the seller, guaranteeing the money will be sent to the correct account after the handover is confirmed.

The buyer then transfers the amount, matching the total price in the contract, directly to our escrow account through Open Banking’s Payment Initiation Services (PIS). This bank-to-bank transaction is safe and removes the need for middlemen. A name check is also performed on the buyer, adding an extra layer of security for both parties.

Once the handover is complete and both parties confirm, the payment is released from the escrow account to the seller.

If you have questions or want to know more, feel free to reach out to us at support@swiftcourt.com.