We’re pleased to announce the implementation of a new load method: Direct Bank Transfer via Open Banking.
Direct Bank Transfers via Open Banking offer a faster (and still free!) way to get funds onto your K Ring if you don’t want to wait for a manual bank transfer to complete – or if you’d prefer not to load using a debit or credit card.
Open Banking is the practice of securely sharing financial information electronically – and only with the customer’s explicit approval. Application programming interfaces (APIs) allow third-party providers (TPPs) secure access to financial information, providing customers with new and innovative ways to manage their money.
Nuapay is our regulated Open Banking partner, providing an efficient interface between your K Wearables prepaid Mastercard account and your bank account, allowing free, easy and immediate loads via Direct Bank Transfer. Nuapay supports secure direct connections to over 98% of UK banks, so it’s highly likely yours is included:
Bank of Ireland (UK)
Bank of Scotland
Ulster Bank (UK)
If you’re a customer with one of the above banks, you can instantly transfer funds from your bank account to your K Wearables prepaid Mastercard account via the API, which takes you securely from your K Account to your online bank account (app, if installed, or website), filling in all the required transfer information for you. All you have to do is confirm the payment and funds will be available instantly on your K Ring. Neither K Wearables nor Nuapay sees or retains your bank account information or login details.
Making a load via Direct Bank Transfer is easy:
- Log in to your K Account
- Select Load Methods
- Select Direct Bank Transfer
- Specify the amount you want to load
- When the interface opens, select your bank from the list to open its app or webpage
- Log in to your bank’s app/website
- Approve the transaction
You’ll then be taken back to myKring.com. If your transfer was successful, you’ll see that your K Wearables prepaid Mastercard account balance has been updated, with the funds ready to spend with your K Ring.
Let us know how you get on with our new Direct Bank Transfer load method, and please don’t hesitate to get in touch should you have any questions.