Features and Benefits

Enhanced with the latest in payments technology.

Features and Benefits

Enhanced with the latest in payments technology.

Velo Platform

Payment Rail Agnostic

The Velo Platform works with multiple payment rails giving customers access to low cost routing, local payment types and real-time FX pricing.

Domestic and Cross Border Payments From a Single Account

The Velo Platform was built from inception to support both domestic and x-border payments, shielding the complexity and nuances of these payments from users on the platform. Paying a Payee is simple and the same process whether domestic or cross-border.

Payee Directed Payments

Payees enter their own payment information fixing data at the source. The Velo platform displays context sensitive fields based on payment type, country and currency, capturing information required to ensure payment is entered correctly the first time.

Data Dialogue Between Payors and Payees

The Velo platform removes the Payor burden and complexity to collect, store and maintain Payee payment preferences and account details. Once onboarded, payments are made to a Payee, not a bank account. Any change to payment instructions are managed by the Payee. Payors pay their Payees, not accounts.

Simple, Payee Centric Onboarding with KYC/KYB Checks

The Velo Platform has a streamlined UX for Payees to onboard onto the platform and provide their payment preferences so they can be paid. Onboarding includes multiple automated checks including screening against OFAC, Sanctions and AML lists.

The Freedom of Choice

The Velo Platform can support any payment type, not just bank accounts. Offer your Payees the option to receive payment to e-wallets, debit or pre-paid cards or even cash pick-up. Ensure you can pay everyone the way they wish to be paid, including those without access to a bank account.

Trackable Real-Time Payments

Both Payor and Payee have real-time visibility to payment status. This provides transparency and removes the friction, costs and time spent responding to, “Where’s my payment?”.

Real-Time Reporting

The Velo platform supports on-demand reporting that can be generated in our customer facing Portals. All information related to Payees and payments can be queried and extracted by API call. Request data by date range or specific date and time.

Regulatory Compliant Payments

Velo provides compliant payments processing, optionally handling compliance checks and data sovereignty wherever we operate including compliance with GDPR and other data privacy requirements.

Secure Payor and Payee Information Management

Velo was built with bank-grade security. All data is signed and encrypted by the data owner. Data in-flight is also end-to-end encrypted between all parties. We use hardware and software (TOTP) two-factor technologies to secure access to the platform. Velo architecture, code, employees, APIs and platform are systematically audited by external experts to withstand the toughest tests.

White Labeled Portals

Your brand on our UI. The Velo Platform can be skinned to match your corporate look and feel supporting a fully white labelled experience.

Cloud Agnostic Solution

From its inception, the Velo Platform was designed and built to be cloud agnostic. We can host the platform for you in our highly resilient multi-cloud environment or you can host the platform yourself in your preferred public or private cloud environment.

Velo provides the most comprehensive payout solution to exceed the needs of the marketplace today and future proof payments for years to come. With an easy to use, mobile-first design, coupled with an additional layer of transparency and data, Velo provides a solution that can save users valuable time and resources.

Payors

The Velo Platform uses the latest technology to save Payors time and resources. The platform cuts manual processes and costs by reducing errors and exceptions with beneficiary directed payments. In addition, it provides all-party access to unified real-time payment information, increasing self help capabilities while reducing customer service needs.

Multiple FX and Domestic Rails

The Velo Platform is designed to work with multiple domestic and cross-border payment rails and FX services.

CSV Files for Payees and Payouts

Users can bulk upload Payees and payments. There is an intuitive interface to download and upload Payees and payments into the platform.

Payout/Payments Bundling

The Velo Platform can initiate one payment or tens of thousands of payments. Payments can be grouped into a single ‘Payout’ making a large volume of payments easier to manage.

Payment Tracking

The Payment Tracker provides a very granular real-time view into the progression of each payment with date and time stamps. It provides all information available from payment rails positive acknowledgment throughout the life cycle of the transaction.

Transaction Monitoring

The Velo Platform has Transaction Monitoring built-in to monitor customer transactions, including assessing historical/current customer information and payments to provide a complete picture of customer activity.

Responsive UI Design

Velo built the Payor Portal screens mobile-first and scale up to provide a beautiful experience on devices with larger screens.

Search: Sorting and Filtering

The modern UX in the Payor Portal enables users to sort and filter on data within the platform improving usability by making it easy to quickly find the information you need.

Payee/OFAC Sanction Screening

Velo leverages industry leading best in class cloud technology (ComplyAdvantage) to monitor transactions and screen all Payees during onboarding against OFAC, Sanctions & PEP lists. Payors can see the status of their Payees against these automated checks.

Automatic and Manual Funding

When operating in a ‘pre-funded’ mode, the platform can automatically initiate a funding request to pull additional funds from the Payor’s predefined funding source when the balance drops below a defined threshold.

Low Balance Notifications

When operated in a ‘pre-funded’ mode, the platform will automatically notify the Payor when the balance drops below a defined threshold so they can push additional funds to the platform.

Multiple User Roles

The Velo Platform has fine grain user roles and privileges allowing Payor administrators to restrict access by function, user or role.

Two Factor Authentication (2FA)

Access to the Payor Portal is secured by two-factor authentication. The platform supports both a physical ‘hard token’, HMAC-based One-time Password algorithm and a virtual ‘soft token’, Time-based One-Time Password algorithm (TOTP). For Payors that wish to use a hardware-based Token, Velo can provide Yubikeys to each of the Payors users.

Payor Hierarchy

Velo supports a sophisticated ‘payor hierarchy’ to emulate your business structure on our platform, allowing appropriate segregation of access. In combination with appropriate rights and permissions on the platform, individuals can also act on behalf of other entities in the hierarchy, making payments and inviting Payees to the platform.

Payees

Multiple Payment Methods

Within the Payee Portal, Payees can setup multiple Payment Methods and manage which ones are enabled for each Payor.

Bank Lookup and Verification

Bank account details, such as routing numbers and IBANs, are validated during the boarding process in the Payee Portal. Bank information is pre-populated so the Payee can visually confirm that they have entered the right information prior to payment.

Currency Choice

The Payee Portal is enabled for multiple currencies around the world. Payees choose their desired currency for receiving payment when setting up a new payment type.

Track Payment Progress

Payors and Payees have real time visibility to payment status. More transparency, less friction, less resources needed to answer the question of ‘Where’s my payment?”. Payees get push notifications by SMS and/or email upon payment initiation and can track the detail of the payment within the Payee Portal.

Search: Sorting and Filtering of Payments

The modern UX enables users a superior ability to sort and filter on data within the platform improving usability by making it easy to quickly find the information you need.

Split Pay

Split the receiving payment into multiple payment types. For example, choose to split a $100 payment into $50 in a bank account and $50 in cash.

Digital Onboarding

Payee onboarding is completed digitally which minimizes errors and ensures correct data. A streamlined UX for Payee onboarding creates payment preferences and validates information, all prior to payment.

Single Payee Account with Multiple Payors

Sign-up once, get paid by many Payors. A Payee enrolls with Velo one time only. If the Payee has multiple Payors using the Velo platform, the Payee can see all invitations with a single login. Payees can establish separate payment preferences by Payor.

Payor-Branded Payment Notifications

Payees receive Payor-specific notifications enabling them to quickly identify messages from each Payor.

Mobile First Responsive Design

The user experience (UX) of the Velo Payee Portal was built mobile first. The UI screens are responsive, which means they scale up and down to be beautiful on mobile, desktop and tablet.

Two-Factor Authentication (2FA) Security

Payee Portal access is secured by two-factor authentication, established by the Payee during onboarding. The secondary factor for access utilizes a one-time password (OTP) sent to the users’ registered mobile phone.

Localized Terms of use and Privacy Policy

Velo does all the work of maintaining localized versions of the T&Cs, Terms of Use, Cookie Consent and Privacy Policy.

The Velo Platform allows Payees the freedom to choose where their payment goes, to what currency to split their payment, and to onboard themselves. With an intuitive UI, Payees can onboard themselves and self-help throughout the payment lifecycle.

Operations Management and Experience

The Velo Platform provides the tools and information needed to quickly and easily service your customers. Users of the platform have access to track all payment information and can easily sort information to service additional questions that customers have – reducing the paid resources needed to provide excellent customer service.

Payouts/Payments: View and Search for Payouts

Payors have complete access to all payout activity and payments – filterable by Payor, Payee, date range, Remote ID, memo, and payment amount.

Payment Tracking

The Payment Tracker allows Backoffice users to view all details known on a payment in two tabs, Information and Tracker. These include unique IDs associated with the payment and payment destination. The Tracker tab is useful to understand which internal steps a payment has gone through and when it was sent to the specific payment rail.

API Centric and Responsive UI Design

Utilize APIs or elegant UI for operational tools and information. Backoffice functionality can be accessed through the Backoffice Portal or APIs allowing easy integration into existing operational systems. Operations, AP and Treasury can easily stay connected, even while on- the-go with a responsive system that works on multiple devices.

View, Add, Edit, Manage Payor Details

Clients can view a summary of all Payor details including Payor onboarding, Payor Hierarchy, Payor users, Payees, account balances, and payouts. Users can click on a Payor’s name to view details or opt to search by Payor name, KYC status and/or email address.

View and Manage Payees

A summary view of Payees that have been invited and onboarded onto the platform. In the Payees tab, users can search for Payees and view Payee personal data, payment history and payment statuses and tracking.

Search: Sorting and Filtering

The Backoffice Portal allows users to research by filtering on multiple fields for Payees, Payouts, and Payments. This is helpful when only partial information is known or when narrowing in on an inquiry or issue.

Accounts/Source Accounts/Funding: Manage Payor Funding Accounts

Backoffice users can view and manage Payor funding sources and balance activity on the platform (auto top-up, transfer funds to linked accounts, low balance notifications).

Reports: Export Payouts Transaction Details

Export historical transaction reports by date range or easily download all information into a CSV or Excel format to import into your reporting system for reconciliation.

Summary of Capabilities

Velo provides secure, easy to use tools for managing the platform. The Backoffice Portal offers users comprehensive access to data that allows for viewing and managing both Payor and Payee profiles. This overarching view provides details necessary for platform activity monitoring, customer support and general troubleshooting.

Payor Users/Admins

Master Admin users can create, edit and disable subordinate user profiles and create Payouts and view Payee profiles. Admin users can create subordinate user profiles and can create Payouts and view Payee profiles. Support users have read-only access to Payee profiles and Payout history.

Secure Access via Two-Factor Authentication (2FA)

Access to the Backoffice Portal is secured by two-factor authentication. Users for the Backoffice Portal require a physical ‘hard token’, a HMAC-based One-time Password algorithm. Backoffice users are provisioned with a Yubikey which they use to authenticate their access to the platform.

Ready to get started?

Learn more with frequently asked questions at the help center.

GET IN TOUCH