Frequently Asked Questions

A Nook Wallet is similar to a bank account but with far greater functionality. Just like your existing bank account, a Nook Wallet has a sort-code/account number and IBAN and is in the legal name of your business.
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Nook Wallets can be funded by any bank account and can be used to make payments to your suppliers and receive funds from your customers.

Legally speaking, a Nook Wallet is an electronic money account protected by FCA safeguarding.

Today, our customers in Europe can hold funds with Nook in GBP and EUR. We expect to support over 30 currencies by the end of the year.

There is no limit to how much you can keep in your Nook Wallet.

A Nook Wallet is a financial service giving you advanced bank-like functionality to manage your payables and receivables. To open a Nook Wallet, you must be authorised to make and collect payments on your company's behalf.

Nook requires specific documentation to open a Wallet, such as a passport photo/national ID of Directors/UBOs owning more than 25% of the company.

Nook will guide you through the required document checks during registration or when you  add a Wallet to your account. 

If you have any questions, please get in touch with support@nook.io

Nook Wallets are akin to having access to a financial service like a bank account or credit card.

Nook's verification process collects this information to ensure our customers are safe and secure and we are compliant with our financial regulations.

Signing up to Nook will take just a few minutes, and the Nook Wallet verification check will be completed between 15 minutes and 24 hours.

Open Banking is a secure protocol all UK and EU banks are mandated to offer their customers.

Open Banking helps you move, manage and do more with your funds by allowing regulated businesses like Nook to connect to your existing bank account and go beyond what a traditional business bank or accounting software can provide.

Nook uses Open Banking to connect to your existing bank account to do three things:

1) Allow you to move funds to your Nook Wallet to pay your suppliers and contractors easily
2) Allow you to make single and bulk payments with a single authentication
3) Help us to verify your identity on the Nook network

Nook has direct 2-way integrations with Xero, QuickBooks Online and Sage One. We don't use middleware and therefore have better stability and uptime, which ultimately creates a better customer experience for you.

We're adding integrations all the time. If you want to know when your accounting software is being added, please contact support@nook.io.

Nook supports any UK bank when using Nook Wallets, as you can receive funds from any UK bank account.

If you wish to use Open Banking to fund your Nook Wallet, then you're limited to the following banks:

AIB GB Business, AIB GB Personal, AIB NI (First Trust), Business AIB NI (First Trust), Personal B Bank, Bank of Ireland, Bank of Scotland, Barclays Business, Barclays Corporate, Barclays Personal, Capital One, Cash Plus, Cater Allen, Chelsea Building Society, Clydesdale Bank, Coutts & Company, Cumberland Building Society, Danske Bank, Danske Bank, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Monzo, Nationwide, Natwest, Natwest Bankline, Revolut, RBS, RBS Bankline, Santander, Silicon Valley Bank, Starling, Tesco Bank, Tide, TSB Bank, Ulster Bank (UK), Virgin Money, Yorkshire Bank, Yorkshire Building Society.

If you wish to use Open Banking for making payments against bills, then all of the above are supported.

However, Open Banking bulk payments have restrictive limitations which are detailed here.

Yes, you can embed full AP and AR capabilities into your product using our API. Check out the docs here

There are no limits on transfers in or out of your Nook account, however, payments systems do have specific transaction limits:
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- GBP Faster Payments, you're limited to a maximum of 1,000,000 GBP per payment
- EUR SEPA Instant Credit Transfer, you're limited to 100,000 EUR per payment

Funds transferred to your Nook Wallet are held by our financial services provider PayrNet an FCA-regulated entity.
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Funds in your Nook Wallet are securely held under a ring-fenced segregated Client Account as per the UK FCA’s Safeguarding Rules. These funds are bankruptcy remote from Nook and our financial services provider, PayrNet.

Only you are permitted access to your funds. Nook cannot take any risk with your money, and we can’t lend it out as traditional banks do.

Open Banking requires the user to be an authorised account holder by the bank to make payments or transfer funds to your Nook Wallet.

Further, Open Banking uses bank-level security with rigorously tested systems. You’ll never be asked to give access to your bank login details or password to anyone other than your bank.

Lastly, Open Banking is regulated – only products regulated by the FCA or European equivalent regulator can use Open Banking (such as Nook).

Payaable Limited (Trading as Nook) is registered with the UK Financial Conduct Authority as an EMD Agent (reference no. 972652) of PayrNet Limited, an Electronic Money Institution authorised by the UK Financial Conduct Authority (reference number: 900594)

Payaable Limited is registered under the UK Data Protection Act (reference number: ZB036880)

We take security very seriously. Everything we do is about protecting your data and your funds.

The Nook application is protected by bank-grade security with the following features:

- Admin and approver user roles control access
- Single-sign-on (SSO) with Xero, Intuit, Sage and Google
- Mandatory Multi-Factor-Authentication (MFA)
- Support for biometric (device dependent)
- Strong passwords enforced
- Fully auditable access logs

Infrastructure Security
- Infrastructure is hosted in Amazon Web Services (AWS Europe), which is accredited to ISO/IEC 27001:2013, SSAE 16 SOC 1, SOC 2 Type 2, PCI Level 1, FISMA Moderate and SOX standards.
- All data encrypted in transit and at rest
- All technical systems undergo regular security reviews, including active penetration testing

We investigate all reported vulnerabilities rapidly and rigourously.

If you think you have discovered a problem, please contact us at security@nook.io.