HAUPPAUGE, N.Y., Nov. 27, 2018 /PRNewswire/ -- CONEXT® today announced the launch of a breakthrough new, nationwide business-to-business payments network enabled by their CONEXT® Visa® Prepaid Card. The new CONEXT® B2B Network can facilitate real-time, direct transfers of up to $50,000 in one day to other primary cardholders, and up to $100,000 for qualified cardholders.
The CONEXT® transfer network bypasses many of the legacy processes and latencies associated with traditional business finance by allowing high volume, real-time transfers amongst its cardholders. Drawing on a business model that was pioneered in the commercial check cashing space, CONEXT® makes funds available in real-time upon receipt of a business check, or via a Mobile Load phone app. These funds can then be electronically distributed to other primary cardholders on the network.
Similar to a commercial check cashing or social commerce platform, CONEXT® network users are charged a 0.5% load fee when they load funds to their commercial prepaid card, and a 2.5% funds availability fee applied by the CONEXT® reseller. CONEXT® does not charge a fee for transferring funds to another cardholder or accepting a transfer of funds. Know Your Customer (KYC) and other compliance and risk management measures are integrated directly into the process through a proprietary check-decisioning model that analyzes counterparty default risk for both business network members and their payment sources.
"With CONEXT®, we've set out to build a truly customer-centric B2B payments network by addressing the fundamental challenge of making funds available in real-time on a scale that works for small-to-medium-sized businesses," said Michael Casalini, founder of CONEXT®. "As payment cycles have gotten longer, businesses are getting paid an average of sixty-to-ninety days after services are rendered. It's simply not feasible for small business owners to endure a three-to-five day holding period. By leveraging today's technology and pioneering a model based on up-front transparency, we believe we can disrupt traditional business finance."
How It Works:
- Funds can be loaded onto the CONEXT® network at a CONEXT® reseller, or on a mobile device via remote image capture.
- Using a proprietary check-decisioning software, CONEXT® can make funds available in as little as five minutes.
- Once the funds are available on the network, they can be transferred to other primary CONEXT® Cardholders (such as vendors) or to supplementary Cardholders (as a corporate expense card).
- With the CONEXT® network, users do not incur any hidden fees. Each time a user loads funds onto the network, the user pays an upfront 2.5% funds availability fee to the CONEXT® reseller, and a .5% load fee to CONEXT® to load the funds to the network. That user can then send payments to employees and vendors who are on the CONEXT® network at no cost, without any of those recipients incurring a fee.
The CONEXT® network, which was been beta-tested New York, Georgia, and Florida throughout 2017 and 2018 is looking to roll out nationally in all 50 states.
For more information on CONEXT®, visit conextnow.com.
CONEXT® features the breakthrough nationwide business-to-business payments network that allows small business owners to manage the spectrum of financial transactions without the constraints of a traditional financial practice. Powered by VeriFund, CONEXT® helps businesses shorten payment cycles, which allows faster, more efficient access to capital. For more on CONEXT®, visit conextnow.com.
The CONEXT® Visa® Prepaid Card is issued by Sunrise Banks N.A., St. Paul, MN 55103, Member FDIC, pursuant to a license from Visa U.S.A. Inc. This card may be used everywhere Visa debit cards are accepted. Use of this card constitutes acceptance of the terms and conditions stated in the Cardholder Agreement. For domestic use only. This card is distributed and serviced by Mercury Service Group, LLC. For New York Residents: Mercury Service Group, LLC is licensed as a Money Transmitter by the New York State Department of Financial Services. For Georgia Residents: Mercury Service Group, LLC licensed as a Seller of Payment Instruments by the Georgia Department of Banking and Finance. Georgia License # 56693.
The CONEXT® Mobile Load is available only to CONEXT® Customers. The CONEXT® program is managed and serviced by Mercury Service Group, LLC; and the CONEXT® Mobile Load app is serviced by Wausau Financial Systems, Inc. Sunrise Banks N.A., St Paul, MN 55103 is not affiliated with this service. See Terms and Conditions for details about restrictions and details.
About Sunrise Banks
Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and people thrive by empowering them to achieve financial wellness. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values, a public benefit corporation and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Sunrise Banks is Member FDIC.
J. Roderick Public Relations