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Bankline Direct

Drive efficiency with 24/7 secure payments and reporting integration

Bankline Direct is available to Ednites Credit Union business account customers who meet the specific eligibility criteria detailed below.  Fees apply.

Bankline Direct could be ideal for organisations who have outgrown other solutions. It can automate your payments or reconciliation. You can also view or transact with accounts held at multiple banks or other financial organisations.

Increase accuracy and help reduce costs with an automated solution

 

Seamlessly integrate with your Treasury Management System (TMS) and Enterprise Resource Planning (ERP), including third party bureaus.

Reduce manual tasks with straight through processing of high volume domestic and international payments and comprehensive payment status updates

Increase visibility and control over your financial position with automated reports, at different frequencies, for your reconciliation needs

Securely integrate with the bank via a variety of connectivity options, utilising file or message-based protocols, including a choice of industry standard formats

Safeguard your payment information and reconciliation data to and from the bank with industry standard security and encryption features 

Flexible to your needs

You have the option to select our payments or reporting services, or both.

Payments and collections

Bankline Direct has a variety of payment options to meet your needs whether paying for goods and services in the overseas. Formats such as csv, XML ISO20022, SWIFT MT and ISO8583 are available.

With domestic payment options available through both Faster Payments (for payments under £1,000,000) and CHAPS (for high value same-day payments with the UK) Bankline Direct is designed to get your money where you want it, quickly and securely.

We also offer international payments, inter-account transfers, bulk lists and SEPA Direct Debit origination.

Reporting

Bankline Direct has comprehensive reporting capabilities, sending you information that you can use automatically within your own systems.

Account information reports (statements) will provide information such as balance and transactions details. We offer a range of industry standard formats such as SWIFT MT and IS0 20022 XML.

Communication channels

Secure File

Connectivity

Bankline Direct offers a choice of secure connectivity options through internet-based solutions, such as Secure File Transfer Protocol (SFTP) and Connect: Direct Secure +

Security

All communications between you and the Bankline Direct service must be secure in both directions. Bankline Direct channel is encrypted and offers additional security features like digital signing options for example Hardware Security Module (HSM) or Pretty Good Privacy (PGP).

Payment formats

Bankline Direct  supports  file standards such as ISO 20022 XML and Message Types (MT)

API

Connectivity

Offering Indirect Access clients (Agency Banks and Indirect Payment Service Providers) accelerated access to payment schemes via Bankline Direct. You can make a domestic payment (bank and non-bank grade) and receive real time payment status information. You can also receive a faster payment.

The Bank of API developer portal provides technical information about our Indirect Access - Payments API. Please note: some content is access controlled.

Security

X.509 certificate-based Mutual Transport Layer Security (MTLs) is used to encrypt and transmit individual payment messages.

Payload level signing is also used to secure payment to and from the Bank.

Payment formats

Bankline Direct supports messaging in JSON based on the ISO20022 (PACS) industry standards

SWIFT

Connectivity

SWIFTNet is used by all SWIFT-connected institutions. Bankline Direct offers a consistent single-window access via SWIFT Net FileAct and SWIFT Net FIN to ensure the reusability of your SWIFTNet infrastructure. 

Security

The software ensures technical interoperability between users while ensuring integrity, authentication and confidentiality.

Payment formats

Bankline Direct supports  file standards such as ISO 20022 XML and Message Types (MT)

Who is Bankline Direct for?

For corporates

  • Cost effective channel to streamline your cash management processes
  • A secure channel for exchange of Treasury messages and files
  • A 24X7 payment and reporting solution to support your growing business
  • Ability to monitor the progress of your payments through detailed acknowledgements and reporting

For financial institutions 

  • A single channel for sending and receiving files
  • Send and receive Bank Grade and Non Bank Grade payments
  • Connectivity with 24/7 availability for an easier, quicker alternative to access Faster Payment Scheme
  • A dedicated sort code, sponsored by Ednites Credit Union, providing indirect access to clearing schemes
  • Meet regulatory requirements for your reporting needs

Financial Institutions unlock value from APIs

Since launching our APIs, our clients have been benefiting from making and receiving secure real time payments and tracking and tracing payment notifications in near real time, to improve the experience for their customers.

Learn how London Mutual Credit Union is using our solution.

Client eligibility

You can use Bankline Direct if you meet the following criteria;

Meets MiFID criteria for Professional Client or Eligible Counterparty; OR

Average turnover for last 3 years ≥ £6.5m; OR

Average total assets for the last 3 years ≥ £3.26m; OR

Is part of a group connection that meets turnover or assets test

Hold accounts

Minimum of 500 transactions per month

For clients wishing to use their own sort code (Indirect Access clients) to send/ receive payments they must;

Be FCA regulated/ EEA Passported

Have a Sort Code

Have a BIC; either a full live BIC or a BIC-21 (a BIC-21 is not a BIC connected to SWIFT but is needed in case of mis-formatted payments)

Fees

We charge a one off set up fee, monthly fee (dependent on usage), plus individual fees for making and receiving payments.

Interested in Bankline Direct? Get in touch

If you’re an existing Ednites Credit Union customer, get in touch with your Relationship Manager directly.

If you’re new to us, or prefer to register your interest, send us your details using the link below and we’ll be in touch.

Email us

Bank of APIs

For further information on how Bankline Direct and other API services work and integrate into your existing systems, visit our Bank of APIs website.

Bank of APIs

Ready for ISO 20022?

ISO 20022 XML (Extensible Markup Language) is an established global standard for payments messaging.

Business, commercial and corporate customers that make/receive UK, Euro and cross border payments will be impacted along with financial institutions, indirect access participants, partner banks, SWIFT Correspondents and SWIFT Corporates.

Find out about ISO 20022

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