What is a Paylink cheque, and how does it work?

[amara]

I recently heard about something called a Paylink cheque and wanted to understand what it actually means. Is it similar to a regular bank cheque, or is it a special type issued by banks for guaranteed payments?

 

[Oscar]

A Paylink cheque is a secure way of payment where recipients can receive the money electronically. The digital link is issued by the sender and redeemed by the recipient by providing bank details to get transferred.

 

[Shane Warne]

A PayLink Cheque appears to mean a type of cheque (particularly by banks such as Citibank) in which the bank issues a payment instrument that is pegged to its payment/disbursement system. It is sent to you in response like a claim or payment to the vendor, and it usually must be put at the bank in the form of the PayLink procedure.

 

[Lucas]

A Paylink cheque is a bank-issued draft used for international or secure payments. The bank guarantees the funds, and the recipient can deposit it like a regular cheque.

 

[Samuel]

A bank-issued draft used for secure or international payments is called a Paylink check. The money is guaranteed by the bank and can be deposited by the recipient just like any other check.

 

[alenaghose]

A bank-issued draft used for secure or international payments is called a Paylink check. The money is guaranteed by the bank and can be deposited by the recipient just like any other check.

 

[masur]

Paylink cheque is a form of payment which connects a cheque with an electronic payment system. It gives the recipient the ability to lodge or clear the cheque electronically, making the clearing faster and minimizing the manual operations whilst retaining the traditional process of clearing cheques.

 

[Ace]

Paylink cheque is a secure system of payment where a cheque is linked to electronic system of authorization. It operates on a principle of real time verification of funds and payer information prior to processing and this minimizes the chances of bounced cheques and also makes payments safer and faster to businesses and recipients.

 

[vanka]

A Paylink cheque is a method of payment that enables the transfer of secure and traceable payment by a business or individual using a linked banking system. It operates by tying the cheque to an online reference which allows quicker processing, enhancement of the reconciliation process and a decrease in errors in payment when compared to the old paper cheques.