Funds held in custody by a regulated bank, while full ownership and complete visibility stay with your organization.
Issue and fulfil cheque payments directly from your FBO structure without touching internal infrastructure.
Move electronic disbursements straight from your bank-held FBO account on a predictable schedule.
Offer instant payout options to recipients while custody and oversight remain with the partner bank.
PaymentsNow offers an enterprise-calibre For Benefit Of (FBO) banking service so your organization can fund and operate several programs or payout types inside a regulated structure. Your money is held in your own name, the bank retains custody, and PaymentsNow can take on as much of the fulfilment work as you want.
Drive your own programs straight from the FBO account — issuing cheques, sending ACH payments, or loading digital cards. The bank looks after custody and compliance while your team stays in command of day-to-day operations.
Hand the whole cycle to PaymentsNow — funding, printing, mailing, and reconciliation — all carried out inside your bank-managed FBO framework so nothing falls between the cracks.
Balances sit in your name and are never pooled or commingled with anyone else’s funds.
Verified banking oversight keeps you aligned with AML and KYC obligations from day one.
Spin up sub-accounts for clients, divisions, or initiatives, each with its own clean ledger and reporting.
Every transfer, issuance, and reconciliation is logged and exportable whenever auditors come calling.
The bank carries the liability for unclaimed cheques while you keep complete line-of-sight visibility.
Go live on ready-built infrastructure and scale new programs without piling on internal complexity.
Ownership never leaves your company. The bank administers custody, fund movement, and the handling of unclaimed balances through a transparent, fully auditable process.
Once your FBO account is open, you can grow it into a fully managed cheque program. With this option, PaymentsNow runs the daily mechanics — from funding through printing and mailing — while you keep oversight and control through your dashboard.
Bank custody aligned with PIPEDA, FINTRAC reporting obligations, and sanctions screening for every payee.
SOC 2 Type 2 and ISO 27001-aligned environments protect the platform end to end.
Full audit trail plus unclaimed-property reporting administered by the partner bank.
Encryption at rest and in transit, role-based access, and dual-approval controls on disbursements.
Picture a nationwide platform that tops up its FBO account each week to send refund cheques on behalf of its own clients. PaymentsNow processes those payments from the operating FBO account with live delivery tracking and reconciliation. Any uncashed cheques stay under the bank’s custodianship and, once the dormancy window passes, are reported to the appropriate provincial authority. The business stays fully compliant without taking on extra internal workload.
Keep ownership, gain regulated custody, and let PaymentsNow handle the cheque fulfilment.