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Funds in a flash: Introducing direct deposits for UK customers

September 30, 2021

Our product team has been busy over the summer developing a new feature that will make your life that little bit easier. You can now make a deposit into your Soldo account from a growing list of UK banks, without even leaving our platform. Here’s how this works.

A simpler way to pay into your Soldo account

With direct deposits, we want to simplify how you add funds to your Soldo account. This complements our existing deposit methods for UK customers: faster payments, BACS and IBAN.

Instead of logging into your online bank and transferring money, you can simply:

  1. Select your bank and amount in the Soldo console
  2. Get automatically directed to your bank to authenticate the transfer
  3. Receive the money on your Soldo account

The deposit typically appears in your GBP wallet within minutes, but can take up to two hours. It’s that easy!

How does it work?

Harnessing the power of open banking

We’re unlocking the payment initiation service (PIS) within the Open Banking framework. This uses your payment account to start a transfer on your behalf, all with your consent and authentication. To make this happen, we’ve partnered with Yapily, a leading Open Banking infrastructure provider who performs the integration with your bank, without handling or holding your money.

No hassle, no risk, more choice

We’ve developed this new feature as a faster and easier way get money into your Soldo account, but it’s also super safe. It removes the potential for errors when inputting account numbers and details to make a faster payment or BACS transfer. And it gives you another way to fund your account. The choice is yours.

Soon to reach other markets

We’ve rolled out to the UK first, because it’s a little bit further ahead in Open Banking payments. But don’t worry – we’re actively assessing other markets for implementation and will keep you updated on our roll-out plans.

How do I get started?

Getting started is no trouble.

Simply click on the ‘Deposit’ icon on the top right-hand side of your Dashboard overview page and make your first direct deposit. Why not try it today?

Why leave it there?

To find out more about Soldo

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