Online transfers are the second most popular payment method in Poland
44% of e-shoppers choose it to pay for their purchases.1
1 Source: Finance in Times of Inflation: A Study of the Attitudes and Behaviors of Polish Women and Men in the Financial Sector from 2017 to 2023. Autopay
Introduction to online transfers
As the world becomes increasingly interconnected, the ability to transfer funds online quickly and safely is not just a convenience but a necessity. Online transfers empower businesses to streamline their operations, expand their market reach, and enhance customer satisfaction by offering an efficient means of payment that matches the speed of the digital age.
By leveraging online transfers, PSPs can offer their clients a versatile payment tool that supports a wide range of transactions, from e-commerce purchases to cross-border payments, all while maintaining high security standards to protect against fraud.
How online transfer works
1. Selection of online transfer
The user chooses online transfer as the payment method at the merchant's checkout page or within the service platform's available payment options.
2. Online banking login
The user is redirected to their online banking portal, where they enter secure login credentials to access their account.
3. Payment details review
The user verifies the transaction details, including the payee's name, the amount to be paid, and any necessary reference information, ensuring accuracy before proceeding.
4. Payment authorization
The user authorizes the transaction through a secure method provided by the bank, such as a one-time password (OTP), biometric verification, or a security token.
5. Transaction confirmation
Upon successful authorization, the bank processes the payment. Both the user and the recipient receive confirmation that the transaction has been completed.
6. Settlement of funds
The transferred funds are credited to the recipient's account based on the processing times of the banks involved, which could range from almost instant to a few hours.
7. Record keeping
The user saves or downloads a receipt of the transaction for their records, while the recipient is advised to log the payment in their financial records for reconciliation and future reference.
This streamlined process not only ensures the swift and secure transfer of funds but also offers the convenience of making payments from anywhere, at any time, without the need for physical checks or cash transactions, making it an ideal solution for the digital age.
Benefits of integrating online transfer for PSPs
Expanded service offering
Integrating online transfers enables PSPs to broaden their range of services, providing a more comprehensive payment solution to their clients.
This expanded offering not only meets the growing demand for digital payment options but also positions PSPs as one-stop payment solutions, increasing their value proposition in a competitive market.
Enhanced customer satisfaction
By offering online transfers, PSPs can significantly enhance the payment experience for end-users. The speed, security, and convenience of online transfers meet the high expectations of today’s consumers for quick and hassle-free transactions.
This improved customer experience can lead to higher satisfaction rates, increased loyalty, and a positive reputation for both PSPs and their clients.
Increased transaction volume
The convenience and efficiency of online transfers are likely to encourage more frequent transactions.
For businesses, the ability to accept instant payments can result in increased sales and cash flow. For PSPs, this translates to higher transaction volumes, contributing to greater revenue from transaction fees.
Competitive edge
Offering online transfer capabilities can give PSPs a competitive edge in the market.
As businesses look for innovative and efficient payment solutions to attract and retain customers, PSPs that provide a wide array of payment options, including online transfers, will stand out.
This can be a decisive factor for merchants when choosing a PSP.
Global market access
Online transfers enable PSPs to facilitate cross-border payments, opening up global markets for their clients.
This capability allows businesses to easily expand their operations internationally, reaching new customers and tapping into growth opportunities in foreign markets.
For PSPs, this means attracting a broader client base and scaling their operations beyond domestic borders.
Reduced costs and improved efficiency
Integrating online transfers can streamline payment processes, reducing the reliance on traditional, more costly payment methods like wire transfers.
For PSPs, this means lower operational costs and improved efficiency in processing payments. The automation and digital nature of online transfers also reduce manual intervention, lowering the risk of errors and speeding up settlement times.
About Autopay
1999
the year we entered the market
~300
banks and institutions are our trusted partners
50 000
online stores have chosen our online payment solutions
>10 bn
the value of transactions handled by us in 2023
Your trusted partner
From October 1, 2013, we enjoy the status of a national payment institution supervised by the Polish Financial Supervision Authority
Since 2011, pursuant to the consent of the National Bank of Poland, we have been conducting clearing and settlement activities supervised by the NBP.
We have obtained the PCI DSS and PCI 3DS certificates, enabling the processing of card data in IT systems and payment gateways.
We are listed as official suppliers for Visa and Mastercard.
Frequently asked questions (FAQ)
Here are the key security measures:
Encryption: Data encryption ensures that sensitive information such as account numbers, personal identification details, and transaction amounts are protected from unauthorized access. SSL (Secure Socket Layer) and TLS (Transport Layer Security) are commonly used encryption standards for securing data transmitted over the internet.
Two-factor Authentication (2FA) and Multi-factor Authentication (MFA): These authentication methods require users to provide two or more verification factors to gain access to their online banking or to authorize a transaction. This could include something the user knows (e.g. a password), something the user has (e.g. a mobile device for receiving OTPs), or something that is a user's feature (e.g a fingerprint or facial recognition).
Secure login mechanisms: Online banking platforms and payment gateways employ secure login procedures, including strong password policies and automatic timeouts after periods of inactivity, to prevent unauthorized access.
Tokenization: This process replaces sensitive data elements, like account numbers, with non-sensitive equivalents, known as tokens, which have no exploitable value. Tokenization minimizes the risk of data breaches by ensuring that actual account details are not exposed during the transaction process.
Compliance with financial regulations: Adhering to international and local financial regulations such as PCI DSS (Payment Card Industry Data Security Standard), GDPR (General Data Protection Regulation) in Europe, and other relevant regulatory frameworks ensures that online transfer services meet the highest security and privacy standards.
Within the context of PSD2 (the Second Payment Services Directive), a PISP (Payment Initiation Service Provider) is an authorized service that allows businesses and consumers to initiate online payments directly from their bank accounts to the merchant's account. This framework enhances the security of online payments, increases competition and choice for consumers, and facilitates the development of innovative payment services, allowing third-party providers to access financial information and initiate transactions with customer consent.
Yes, online transfers can handle multiple currencies for international transactions, making them a versatile option for global commerce and personal remittances. The ability to process transactions in different currencies is crucial for businesses operating internationally and individuals who need to send money across borders.
During the transaction process, if the sender and receiver are dealing in different currencies, the transferred amount is converted from the sender's currency to the receiver's currency. This conversion is based on current exchange rates and may involve a currency conversion fee.
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