Digital Checks Revolutionize Push Payments via Instant Pay
Recipients don't need to sign up to get paid. Funds instantly pushed to their bank account.
SAN MATEO, Calif., April 3, 2019 /PRNewswire/ -- Checkbook Inc. today announced the launch of Instant Pay. Businesses can push money instantly into millions of individual and business bank accounts without collecting sensitive routing or account information. There is no need for recipients to sign up for any service or download any app.
Until now, most bank to bank transactions in the United States take 3 to 5 business days since funds traditionally travel along the ACH infrastructure, which is 40+ years old. ACH transactions require recipient on-boarding as a prerequisite, which is a huge barrier, especially for new or one-time payments. Today vendors, suppliers and consumers desire that funds will hit their bank accounts faster and effortlessly. Checkbook has innovated the instant payment solution with these factors in mind. The company enables this faster payment method across a number of industries with a variety of payor and payee entities using VISA Direct rails.
One such partner is Yooz, which provides a seamless Accounts Payable automation solution for SMEs.
Laurent Charpentier, Chief Operations Officer, explains their business places tremendous value on getting their customers' vendor invoices paid as quickly as possible. "Our customers are looking for the easiest and most automated way to process, approve and pay their vendor invoices without losing visibility and control. The cycle time from capture to payment is really important to avoid late payment fees, but even more important to negotiate early payment discounts and generate value out of the AP process. While traditional ACH solves some of the paper issues compared to traditional checks, Checkbook now provides great additional value with Instant Pay, a solution for our customers and their vendors to operate even faster," says Charpentier.
The software buildout required no additional programming according to Charpentier. "Checkbook's simple RESTful API was already integrated with our platform. So all we had to do was turn on Instant Pay as an option," he continues.
Another partner Bevager.com is enabling Instant Payments for cash accounts. Samuel Zats, CEO of Bevager, says it could be a game changer. For more information, visit Checkbook.io or stop by the company's exhibit booth at NACHA Payments 2019 May 6th- 7th in Orlando, FL.
Checkbook's APIs are publicly available and can be implemented into existing ERPs and established payment processes. New businesses can enable faster payments by simply switching a flag in their settings. The entire onboarding process is online without needing any paper.
About Yooz:
Yooz provides cloud-based account automation software for SMEs. It is fast, easy to get started with and trusted by some of the most well-known companies in the world!
About Checkbook:
Checkbook is eliminating paper checks while increasing efficiency and security with Digital Check transactions. Based in San Mateo, CA, Checkbook was founded in 2015 by former VISA Chief Network Architect PJ Gupta and is funded by multiple VCs and individual investors including Tim Draper, Rocketship.vc and others.
SOURCE Checkbook.io
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