Manage your bank account details in Trustd
Once you’re TEG compliant, you can edit your bank account details anytime and for any number of times.
Since all your SmartPay payments are processed through your Wallet, no matter how many times you change your bank account, your customers will always be able to pay you instantly through SmartPay. Your Wallet processes payments by 7 pm during the week and instantly in real-time on weekends and bank holidays.
How to change your bank account details in Trustd:
Start the process from your Connections tab within your Trustd account.
Your Trustd Account Owner will receive an SMS request to complete a face match on their mobile phone before updating the bank account details.
*** Only the Trustd Account Owner can change the bank account details. This may be a different person than the Finance Director or Finance Bookkeeper. ***
When the bank details are edited, Trustd will conduct an instant account name-check, known as Confirmation of Payee, to help reduce misdirected payments and provide greater assurance that payments are being sent, and collected from, the intended account holder for UK domestic payments.
Once the check is passed, the new account details are saved. Your Wallet will be updated with the new bank account details within 24 hours. Note that outstanding payments during this period will not be paid into the new account.
Instructions:
1. Login to your Trustd profile.
2. From your Profile, click on Connections.
On Connections, go to the Transport Exchange Group business and click the arrow to expand.
3. Go to “Payment set up application” and click the arrow to expand.
4. Scroll to Bank Details and click on the Edit icon.
5. An SMS will be sent to the Trustd Account Owner to begin identity checks
6. Click the link from the SMS message.
7. Begin the liveness check and follow the face match instructions.
8. Once the identity checks are completed, the Trustd Account Owner has 5 minutes to edit the bank account details.
9.
| If the name doesn’t match the Confirmation of Payee check, there’s an option to proceed knowing the risk or to click “Go back and edit” to return to the previous screen to make changes. | If the account name is a match, click “Confirm” to complete. |
10. Click "Next".
11. Once you’re done on your mobile phone, return to your desktop browser and click “Next” to complete the update.
12. Click “Refresh” to complete the change.
13. You can see the new details on the Connections > Payment set up tab.