Easy bank transfers are a form of bank transfer that takes advantage of open banking to offer a smooth and fast payment experience by securely connecting your bank account with Ramp.
Open banking is a system where banks and other financial institutions share customers' financial data securely through APIs (Application Programming Interfaces) with third-party providers, such as fintech companies, with the customers' permission.
This allows us to perform KYC, instruct your bank to set up a bank transfer (that you must approve later, of course), and finally confirm the payment easily.
Easy bank transfers are only available in select banks and countries. Check back in a few weeks or months if your bank is not yet on the list, as we're constantly working on adding support for new banks.
How Easy Bank transfers work in 4 simple steps
Link your bank account to Ramp
Allow Ramp to perform a seamless KYC check
Notify your bank to set up a transfer approval for you
Click confirm, and your payment is on its way
Before you start the payment, please make sure that you have enough balance to cover the payment amount and any fees your bank may apply to the transfer (e.g., currency conversion if your currency isn't supported directly) . An insufficient balance will cause your payment to fail.