Are all your documents validated and are you getting ready to receive your first payment? It’s time to set up your bank account to receive payment for your projects!
If you navigate to the ‘Business settings’ section, you’ll find a ‘Bank account’ tab as the last step to complete. From this section you can add a bank account to receive payments in.
Adding a bank account
Start out by letting us know in which country your bank account is located and what currency you use.
Next add your IBAN if you’re in Europe or another format account number if you’re anywhere else in the world.
Depending on where your bank account is located we may request additional information like a BIC/SWIFT-code to support payment from any currency or country.
Lastly, add the name of the account holder as it is stated on your (debit) card or bank statements, and the registration address of the bank account.
Verification process
By clicking the ‘Submit’ button, you’ll be taken to a dedicated, secure module hosted by our partner MangoPay. During the verification process, you’ll be asked to provide the following information:
• Create a ‘passkey’ or trusted device to enable secure sign-ins to MangoPay
• Email address, as it is registered on your Malt account
• Create a 6-digit pin code
• Add your phone number
After starting the verification process, you need to authorize Malt to get access to your MangoPay account balance and transactions
Authorizing Malt to perform these actions is mandatory. Without authorization you will not be able to receive payments through Malt and benefit from proper use of the platform.
After creating the passkey your bank account is verified and you’re ready to receive payments for your work!
Malt’s payment partner MangoPay
At Malt, we are committed to providing the fastest and most secure payment experience. To guarantee this, we partner with a specialized and highly regulated Payment Service Provider (PSP) called MangoPay. MangoPay is crucial in orchestrating all payments, from clients and financing partners to Malt, and most importantly, directly to you, our freelance community, ensuring you are paid within 10 days.
MangoPay is a ‘regulated institution’. What this means is that they are supervised by financial authorities and must comply with legal, financial and operational standards.
As a regulated institution, MangoPay is required to implement robust Know Your Customer (KYC) and Anti-Money Laundering compliance checks. This is why we request you to provide an ID-document and details about your business and bank account before you can receive payment.
You can find more information on which documents need to be provided by country in this article.
Data security
MangoPay is formally licensed as an ‘Electronic Money Institution’ by the "Commission de Surveillance du Secteur Financier (CSSF)", which is the financial sector regulator for the European Union, based in Luxembourg. MangoPay holds the highest level of certification under the ‘Payment Card Industry Data Security Standard’ (PCI DSS), and is fully compliant with the ‘EU Payment Services Directive 2 (PSD2). This means they can:
• Issue and manage electronic money
• Provide payment services across the European Economic Area
• Safeguard customer funds under EU law
If you want to know more about how both Malt and MangoPay ensure the secure processing of any date we collect, please refer to our Data Protection Center or contact or us at privacy@malt.com