Instant Payments + Refund = Instant Refund.
Since the implementation of PSD2 (Payment Services Directive 2), many new features have been added to the payment system, including Instant Payments. For example, Pay. can also, if authorized, make payments instantly. As this new way of transferring payments becomes more and more established, there is increasing demand for variants of this feature, for example for returns.
Previously, this had to be done through the banks, and often took at least a business day before the money was actually refunded. Instead of processing the refund as a regular transfer, we make it possible to perform a refund as an Instant Payment. As a result, transactions no longer have to be included in a batch sent to the bank once a day, but are sent directly via an API.
Instant refunds in practice.
Instant refunds are used for a variety of purposes. An obvious application is when refunding a purchase that is returned. Or when refunding money to the account of a fraud victim. In this regard, the speed of instant refunds is important to reassure the customer again.
Another example where instant refunds can be applied is at events or online platforms where consumers can both buy and sell, such as on Wissel.nl. Similarly, our partner Tactile uses instant refunds, in the form of applications and interactions.
