PRODUCTS / HOW IT WORKS
Envoy provides the appropriate bank account details to the Merchant for each territory they wish to collect funds in. The Merchant can either display these banking details to their customers themselves in their own web pages (for “e-purchasing”), or they can advise the Customers via email or by invoice of the appropriate payment details (for “offline purchases / transfers”). Alternatively they can have Envoy host the pages for them, thus removing the requirement of updating pages as more banks constantly come on line, or being responsible for showing the different field format types that the various banks around the world require. For example in the UK the relevant pay-in information consists of a “bank account number and sort code” in other territories the details might be a “BIC and IBAN” number. Most countries have different pay in formats.

A customer views the relevant banking details based upon the territory they are in and makes a transfer to the Envoy Services Ltd bank account in that same territory. This can be done either by telephone banking, internet banking or an over the counter deposit. This is a local bank transfer so it is much faster and cheaper than an international bank transfer.

Envoy’s technology and operations team is constantly sweeping the Envoy bank accounts to check for new credits. As soon as a transfer / credit is seen the Merchant is advised that the funds have arrived. They can then provide the goods or services in the knowledge that they have received cleared funds. 		In the same way that Envoy uses local banking relationships to receive funds, the service can also be used to pay funds directly to a Customer or Merchant’s local bank account.

This works as follows:

The Merchant obtains the recipient bank account details from their Customers and/or Suppliers.
The Merchant gives these details along with the funds to Envoy (either on a “one off” or “batch” basis).
Envoy then routes the payments directly to the appropriate bank accounts via the cheapest and fastest routes
Because Envoy is always “in country” and thus is using the local banking networks, the need for international transfers is removed. This gives the Customer and the Merchant considerable savings on bank costs.
 
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