We often get asked about the difference between a traditional bank transfer and a Sentoo payment. Especially since both payment methods technically use the same bank environment to transfer money. While similar in some ways, there are some big differences that everyone should know about. This blog will help you clear up the confusion.
Traditional bank transfers explained
Shortly after the Internet emerged globally, digital banking quickly became a preferred option for the public due to its convenience. Banks began giving customers access to their accounts online, enabling them to see account balances 24/7, transfer money, and pay bills from the comfort of their own homes. What we now know as “Internet banking”, “Electronic banking”, or “Online Banking”: the early 2000s established that a new type of banking was born. It was clear that digital banking had major benefits over the traditional ‘brick and mortar’ banking.
New era: A2A payments
Now fast forward to today’s banking industry and rapid demand for innovation, where we see another shift to a new era. The availability of technology has created ways to improve traditional bank transfers so that it fits seamlessly with customers’ expectations. In the new era, new methods have emerged that put customer experience front and center. For example, A2A (account-to-account) payments, In an earlier blog we explained that Sentoo fits into this A2A category. A2A payments, also known as online bank payments, have been around for a while but have had a push by the pandemic-driven boom. Put simply; an A2A payment is a way of transferring money directly from one bank account to another without using debit or credit cards. To use it, all you need is a bank account.
An A2A payment, like Sentoo, is a way of transferring money directly from one bank account to another without using debit or credit cards. To use it, all you need is a bank account.
Imagine you just received a bill in the mail that you must pay. Let’s look at the difference in paying and why you might prefer using a method like Sentoo.
Better user experience
A2A payment methods often leverage modern technology and are more likely to integrate with other digital services and platforms. They can be seamlessly integrated into various applications, such as e-commerce websites, client user portals, mobile wallets, or peer-to-peer payment platforms, allowing for smoother transactions within these ecosystems. Sentoo has direct integrations with local banks. The payments are authenticated and approved on the online banking environment of the bank. A2A payments also embrace innovative features like QR code scanning, pay-by-link, biometric authentication, and other convenient advancements. So, no matter the integration type, Sentoo’s user-friendly interface lets you initiate payments quickly and easily.
No manual entry = Accuracy
In traditional bank transfers, you typically need to manually enter all the correct payment information on the bill, including the recipient's bank account details, such as the account number, and sometimes additional information, like the recipient's name and address. This manual entry process leaves room for human error, such as mistyping a digit or misspelling a name, which can lead to delays, failed transactions, or even funds being sent to the wrong account. Imagine using your mobile device and simply scanning the Sentoo QR code on your invoice. Sentoo directly provides the right payment information, prefilled within the online banking environment. This allows for seamless and streamlined payment experiences.
Time-saving and convenience
While both traditional bank and Sentoo payments are transferred on the bank environment, A2A payments such as Sentoo are faster and more convenient compared to traditional bank transfers. That’s because A2A payments use unique transaction reference numbers or identifiers for each payment. These references act as a traceable link between the sender and the recipient's accounts, providing a reliable way to verify the payment. Also, A2A payments send real-time notifications to both parties involved in the transaction. These notifications confirm the successful completion of the payment, providing instant acknowledgment of the transaction. The sender and the recipient can rely on these notifications as proof of payment if needed. So, the days of taking a screenshot of your payment as physical proof of payment are a thing of the past.
Overall, consumers have plenty of reasons to start using Sentoo for making local online payments. Just picture how eliminating manual entry alone significantly reduces the chances of errors, saves time, and enhances the overall user experience. In return, consumers are assured a reliable, secure, and convenient payment method.
Want to know more about what Sentoo could mean for the way you make your payments? Get in touch.