Seller’s payment account payee name update

As part of our continuous efforts to comply with policies set out by Monetary Authority, we have progressively rollout name-matching requirement for seller’s payment account.

As a seller, what do I need to do?

Sellers can only withdraw funds to accounts with beneficiary name that matches Shasso profile name, upon completion of ID verification process. All payment request accounts which require beneficiary name input will be deleted. Sellers must re-create the payment accounts again.

When does this take effect?

This has been an ongoing process and will be implemented on all payment methods in the coming weeks.

What are the affected payment methods?

Direct Banking methods and Dragonpay. All other payment methods will be included in the near future, such as PayPal and Skrill Moneybookers.

 

 

 

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