You will need to inform your debtors of the new bank details – your funding manager should have now shared this information.
We will work with you to ensure that there is no disruption to payment receipts. Our existing bank accounts will remain open until the transition is fully complete and operational.
In the coming years, a New Payment Architecture (NPA) will be implemented in the UK, which will mean major changes to the UK payment infrastructure.
This will see the end of multiple payment methods, such as BACS, CHAPS and Faster Payments and a move towards a cloud-based, real-time payment system, which will not only streamline payments but also make them faster and more secure.
With this in mind and with a view to future-proofing service delivery for our clients, we are partnering with Visa-owned CurrencyCloud, a global operator of cloud-based payment technology.
This move will enable both Growth Lending and our clients to remain at the forefront of exciting technological system advancements.
We will provide you with a revised ‘Notice of Assignment’ featuring the new bank details.
You can then share this with your customers by email.
The existing bank accounts will remain open for as long as is necessary. We anticipate keeping them open for a minimum of six months to ensure all debtors are paying into the new account.
We are able to receive payments in GBP, USD & EUR.
Yes, your portfolio manager or funding manager can supply you with this information.
Your portfolio manager or funding manager will be more than happy to take you through the process and answer any questions that you have.