Split’s technology is true innovation for electronic bank transfers, whether you need a direct debit solution or a payout capability.

Split have modernised direct entry banking to deliver truly digital payment solutions for direct debit / credit and subscription payments. In today’s digital economy, bank transfer technology simply hasn’t kept up the pace with cards and digital wallets, until now.

Split offers a low cost, high speed payments solution that combines the safety and trust of bank transfers with the efficiency and convenience of card payments. And our unique connectivity with both the traditional banking systems and emerging Real-Time Payment Schemes, means we can move money faster, but with top financial-grade security. This ground breaking innovation delivers the most cost-effective and secure global bank transfer capability.

Open Banking empowers businesses to use data insights to provide better financial outcomes for their customers. Across the world, banks and financial institutions are being mandated to open up the data doors via secure API connectivity. Finally, the control of who has access to personal financial data can be determined by the individual – creating incredible opportunities to obtain better financial services in an open market ecosystem.

But Open Banking can be so much more… including better payments.

In a world-first, Split have developed tokenised (or enduring) open banking connectivity that allows us to provide ongoing data insights so that businesses and customers avoid the typical payment pain points – including dishonour fees, high transactional costs, delayed clearance, and, ultimately, unauthorised payments.

At Split, we believe that Open Banking is more than a secure connection to transactional data, it is an ideology that everyone can achieve better financial and social outcomes.

Real-Time Direct Debit ™

This feature offers the most secure payments, with real-time account verification and status updates. And Split is the only platform that bridges traditional bulk clearing systems (BECS, ACH etc.) with emerging Real-Time Payments Schemes across the globe, delivering faster bank transfer capabilities. 

Intelligent Clearance ™

Split is the only payments platform that provides an 'available funds pre-check' prior to processing a transaction. In fact, Intelligent Clearance ™ goes much deeper, by analysing transactional history and interbank settlement and clearance times so you can make informed decisions that save money and improve clearance times.

Consent Management ™

Going beyond electronic mandates, Split delivers a real-time consent management solution that provides both security and certainty of payment. This word-first solution is tailored for the digital economy, where subscription payments and payouts are supported by the necessary authority and peace of mind.

Collect payments effortlessly and instantly from anyone, anytime, without the financial sting of credit cards.

Real-Time Direct Debit ™ (bank transfer) does not require any contracts, set-up, or annual fees. There are no limits on frequency or volume, allowing you to create a seamless payment environment that meets your business needs. Real-Time Direct Debit ™ ensures that account verifications, status updates, funds pre-checks, and processing are handled instantly, securely, and of course, in real-time.

Instant Account Verification
Instant account verification (IAV) allows you to digitally onboard and verify a customer’s bank account in a matter of seconds using open banking connectivity. Not only is this with 100% data accuracy (capture account details automatically), it also leverages the legal controls that require financial institutions and other regulated entities to prevent, detect, and report fraudulent activities, giving you absolute peace of mind. These standards and policies are commonly referred to as ‘Know Your Customer’ (KYC), ‘Anti-Money Laundering’ (AML) and Counter-Terrorism Financing (CTF). Where IAV is unavailable, Split also deliver a real-time micro-deposit verification solution using Real-Time Payment Schemes.

Real-Time Messaging
In today’s digital economy, real-time messaging is vital in order to ship goods or provide services. The challenge with direct debit or subscription payments via bank transfer has always been the delay in receiving payment status updates – until now. Split delivers real-time payment status updates via API web hooks directly in your existing platforms to notify you when a payment has been submitted and, most importantly, when it clears. This also includes a ‘pre-fail’ message to notify you if there are insufficient funds in a customers account (see Intelligent Clearance tab).

Duplicate Monitoring
Duplicate payments can create unnecessary headaches and reputational damage, whether you are using traditional direct entry banking (such as BECS in Australia and New Zealand, ACH in the United States or SEPA across Europe) or exploring Real-Time Payments (RTP) Schemes to make or collect payments. Split have created powerful & dynamic checks and balances to capture any duplication errors – from duplication monitoring across manual file submissions to supporting idempotency keys to avoid accidentally performing the same operation twice when using our API endpoints.

Eliminate dishonours, improve clearance times, and increase collections.

Direct Debit/Credit via electronic bank transfer is a secure and low-cost way to collect money without the headaches of card processing. But not being able to track payments and slow clearance times have always been a barrier of entry. Today, Split have created Intelligent Clearance ™, a powerful set of tools that deliver better visibility, improved certainty of payment and faster clearance.

Available Funds Pre-Checks
Utilising secure tokenised open banking connections, Split create and manage customer-initiated enduring consent that enables us to perform an ‘available funds pre-check’. By providing a ‘pre-fail’ message when there are insufficient funds to process a direct debit or credit, there are suddenly great options that result in improved collections and no dishonour fees, ever.

Machine Learning (Dynamic Pre-Fails)
Split’s machine learning capability programmatically analyses transactional data and helps to build a deeper insight in to successfully collecting payments. By creating behavioural patterns based on historical data, and combining this with our knowledge of how different banks and financial institutions utilise direct entry systems, Split can eliminate dishonours and help to move money faster.

A bridging solution with RTP Schemes. 
By the end of 2020, there will be more than 60 countries with Real-Time Payments (RTP) Schemes across the globe. In fact, with innovations in P2P payments and digital wallets, most customers simply expect money to move faster. By combining traditional direct entry technology (to collect payments) with real-time payout capabilities of RTP schemes, Split offer a hybrid bank transfer experience underwritten by Consent Management (see next tab).

Experience absolute transparency and peace-of-mind for all parties.

Whether you’re handling one-off payments or direct debits, security is critical – after all, real-time payments could simply lead to faster fraud… Split’s Consent Management ™ delivers the first real-time consent solution that creates and manages agreements between parties to authorise payments. Split allows you to set and manage your trading terms directly with each customer – simply agree on payment times and amounts, and let Split do the rest. Plus, end-to-end visibility ensures that you know where, when, and which payments are occurring, at every stage of the payment cycle.

Faster Payments

Real-time processing using bulk clearing systems and real-time payment schemes to move money faster with Split’s Intelligent Clearance™ solution

Better Collections

Advanced direct debit and credit solutions with digital account verification to reduce dishonours, improve onboarding, and eliminate fraud

Lower Transaction Costs

Experience the best tiered discount rates for bank transfers and messaging services, no dishonour fees and no surprises

Secure Payments

Split’s enduring consent helps you take better control of payment initiation and eliminate unauthorised payments

True Automation

Split’s API does the heavy lifting of accepting, verifying, disbursing, managing and reconciling so you don’t have to

Highly Consumable API

Use Split’s high-quality API documentation and Sandbox environment to build, test, and launch your solution with full and unlimited integration support