This article explains how to change the bank account that receives your RMS Pay payouts by adding the new account in Know Your Customer (KYC) and then removing the old one.

Overview

RMS Pay pays out your settled card payments to the Payout Account recorded in your property's Know Your Customer (KYC) details. When your business starts using a different bank account, for example after opening a new account, you need to change the bank account your payouts go to (also called updating your bank details or settlement account). To do this, add the new bank account in KYC, wait for RMS Pay to verify it, and then remove the old bank account.

Important! Add the new bank account before you remove the current one. If you delete your current bank details first, RMS Pay cannot send you any payouts until the new bank account has been verified.

Please Note! If the property has changed owners, follow Update RMS Pay after a change of ownership instead, because the new owner must also update the business details and decision makers in KYC.

Prerequisites

Changing the RMS Pay payout bank account requires the following:

• RMS Pay activated for the property, with KYC already completed.
• A Security Profile with the Module Market Property Level function, which gives you access to the Module Market.
• The new bank account details. The account holder name should match the legal company name recorded in KYC, not a trading name. If it does not match, you need additional documents that show the link between the account holder and the registered business or trust.
• A bank document for the new account, such as a bank statement, in case the KYC form asks for one. The Know Your Customer (KYC) article lists the accepted documents and what they must show.
• Pop-ups allowed for RMS in your web browser, because the KYC form opens in a new browser tab.

Please Note! In a multi-property database, each property has its own KYC application, so change the payout bank account separately for each property that needs it.

Add the new payout bank account

You add a new RMS Pay payout bank account in the KYC form, which you open from the RMS Pay tile in the Module Market.

1. In the side menu, select Module Market.
2. Select Activated to show the modules that are active for your property.
3. To find RMS Pay quickly, enter RMS Pay in the Search Modules box.

4. On the RMS Pay tile, select the Configuration (cog) icon. The KYC form opens in a new browser tab.

   Please Note! If the KYC form does not open, your browser may have blocked the pop-up. Allow pop-ups for RMS, then select the Configuration icon again.

5. In the KYC form, select Add a new bank account.
6. Enter the new bank account details and submit them for verification.
   • If the KYC form asks for a bank document, upload one for the new account.
7. Select Back to app.rmscloud.com to return to RMS.

Remove the old payout bank account

You remove the old RMS Pay payout bank account only after RMS Pay has verified the new one. Verification is not instant: it can take up to 72 business hours, though the outcome is usually known within 48 hours.

1. At least 24 hours after you submit the new bank account, open the KYC form again: in the side menu, select Module Market, select Activated, then select the Configuration (cog) icon on the RMS Pay tile.
2. Check whether the new bank account has been verified. If it is still being reviewed, check again later.
3. When the new bank account is verified, remove the old bank account.
4. Select Back to app.rmscloud.com. This returns you to RMS and sends the updated bank account details back to RMS.

Please Note! If the new bank account does not pass verification, select it in the KYC form to view the error message, which explains why verification failed and what to do next. Keep the old bank account until the new one is verified.

Related Articles

• Know Your Customer (KYC)
• Update RMS Pay after a change of ownership
• Payout Schedule
• RMS Pay Settlement Report