Over the past four years, global payout company, Payoneer, has been perfecting a revolutionary international payment distribution process. The US Payment Service was designed to allow payees world-wide to get a US account number, and receive payments from US corporations initiated through the US ACH (Automated Clearinghouse) network. These funds are loaded onto Payoneer prepaid debit cards that reside in different countries and can be withdrawn at ATMs and used at merchants accepting MasterCard.
In essence, the service allows non-US residents to be paid by “accredited” American companies as if they actually lived in the United States. The system is supported by a security-centric platform that assures adherence to international regulations, as well as the authentication of participants and transactions. US Payment System – Process Overview This novel solution works by providing approved non US individuals with a virtual US account in the United States.
When it’s time to pay an individual, an accredited company simply initiates a local ACH transaction (ACH is the most common way to move funds between banks in the US) to the individual’s account as if he or she was a US resident. The funds are then transferred to the individual’s Payoneer prepaid card, where they can be withdrawn from an ATM in their native country and currency. Funds can also be used to purchase good or services at any merchant accepting MasterCard. The US Payment Service provides cardholders with an ACH-based “payments account.” Although they are assigned a bona fide ACH account number, it is used strictly for routing funds.
It cannot be used as a savings or checking account. All transactions routed using these numbers must first pass through Payoneer for authentication and validation. Only after a transaction has been approved, click here will funds be moved to a Payoneer card. Payoneer effectively acts as an intermediary, approving all transactions. Accredited corporations initiate ACH transactions at their own bank, known as the Originating Depositary Financial Institution. Under normal circumstances, an ACH transaction is sent to the intended Receiving Depositary Financial Institutions (RDFI,) where it is deposited into the appropriate checking account.
With the US Payment Service, all ACH transactions are routed to a special RDFI where Payoneer can authenticate the players and validate each transfer prior to disbursement to the proper Payoneer prepaid card.