Not directly. With Atoa, we've made payments more straightforward and convenient. Instead of card payments, we use the open banking system, which requires customers and businesses to have a valid UK bank account to use for payments.
This allows funds to be sent directly from the customer's bank account into the receiving business bank account. By using the Faster Payments System, a UK government-run system mainly used for salaries and larger transactions, we can offer businesses significant cost and time savings compared to traditional card payments. We call this "Instant Bank Pay" but it’s also known as an account-to-account (A2A) payment or pay by bank.
Our payment process is designed with businesses in mind. Customers scan a QR code in-store or click on a payment link, select their bank from the provided list, and confirm the payment in their mobile banking app. The money is then instantly transferred into the business owner's linked account, skipping the 2-3 days delay in releasing funds that card payments often impose.
Faster Payments is entirely secure. Every payment is processed end-to-end by UK banks. Atoa has no access to customer or business funds, and the Financial Conduct Authority monitors everything we do.
European banks are subject to regulations different from those of UK bank accounts, and there is no infrastructure or mandate to allow these banks to process payments using FPS. Therefore, we are currently only able to accept payments from banks in the UK.