Paxum - Third Party Withdrawals and Dedicated EUR IBANS
 

As we approach the end of 2023, we’re thrilled to share some exciting Paxum updates with you!

Update One:
New Dedicated IBAN accounts for EUR Transfers (SEPA and WIRE) are available for eligible accounts!

Business Accounts now have the convenience of sending and receiving* SEPA and WIRE payments in EUR under your own name, including to third parties.

Personal Accounts now have the convenience of sending SEPA and WIRE payments in EUR under your own name, including to third parties.

Update Two:
Third Party Withdrawals Available for Personal accounts!

Eligible* personal accounts are now authorized to perform third party withdrawals!
You can withdraw funds to a different person or company other than just yourself.[/code]

*Third party withdrawals for personal accounts and third party funding to EUR accounts for business accounts are available for account holders in the following countries:

Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Netherlands, Norway, New Zealand, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden, USA, Japan

Log in to your account today to see the changes that await you!

We’ve got even more exciting projects brewing for 2024, and we look forward to sharing them with you next year!

Have a safe and joyous holiday season everyone! :weihnacht:smilie_we:xmas-smil

Why would you allow third party withdrawals?

Nice stuff, congrats!

EUR funding instructions still has this disclaimer.

Transfers from third Parties are not allowed: Your account is not allowed to accept incoming transfers from third parties except for the authorized senders below:
(then a list of adult billers basically)

It's still not possible to receive EUR SEPA/WIRE incoming transfers freely from any company, that part is unchanged?


(Also the text "Please contact our support team if you wish to obtain your dedicated virtual IBAN with your company name as beneficiary." needs to be hidden for eligible accounts I think, since the virtual IBAN is already there.)

:thumbsup:thumbsup

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So our Paxum account can act now as a regular IBAN bank account or?

Yesterday (Sunday in NL) i got my CB payment mail.

I went to Paxum, did a EFT transfer, and then it's always on my bank account in 5-10 minutes.
Now after 12 hours it's not yet there...

Same as, but it will come - it did this a few months back 2 or 3 days before showing, 99% of the time it's 2 or 3 mins.

:thumbsup

That is an interesting question.

Earlier this year a PayPal employee stated : "PayPal is not a bank and hence there is no IBAN, account number or routing number associated"

If Paxum offers an IBAN it means that Paxum is now a bank, not just a digital wallet.

What country is the IBAN number?

Not really, there is also a "pseudo-IBAN account", where you add extra info to bank account number in order to know to who it should be credited. That is how wise/payoneer working, as they are not banks either.

I see now, there's a UK IBAN which must be a "pseudo-IBAN" used to route the funds into the Paxum e-wallet.

Paxum,

So if third party withdrawals are now allowed, can TransferWise (Wise) and similar services be allowed back in?

There is literally no difference between transfering to one such service in your own name or to a third party.

Can I use this to withdraw money from CCbill?

Maximal sending SEPA?

Does this mean it's necessary to have an account with an "approved" payment processor in order to fund the account?