ATLANTA, Feb. 5, 2019 /PRNewswire/ -- REPAY Realtime Electronic Payments has officially launched Instant Funding, a new and innovative service to send funds directly to eligible Visa debit and prepaid cards via electronic transactions enabled by Visa Direct. REPAY is the premier payment technology provider for the consumer lending and healthcare spaces, offering the most advanced and secure omnichannel payment services on the market. The addition of Instant Funding strategically complements REPAY's current product suite as businesses will now be able to seamlessly accept payments and disburse funds to customers from a single user interface 24/7/365.
With REPAY Instant Funding, lenders can say goodbye to issuing outdated checks and submitting slow ACH transactions, which means consumers will no longer have to wait days for funds to become available. Instant Funding transactions are processed in real-time2 via Visa Direct, Visa's real-time push payments platform, which reverses a normal transaction, "pushing" the funds to an eligible Visa debit or prepaid card.
"At REPAY, we use our technology to remove the friction and processing delays often associated with payments and traditional fund disbursements," said Chris Arnette, VP of Product Management at REPAY. "Instant Funding will enable our clients to gain efficiencies and to provide a more customer-friendly experience. In today's fast-paced world, it's all about immediate gratification – and that's what Instant Funding can provide."
Instant Funding offers an incredible opportunity for REPAY's merchants to differentiate themselves in the marketplace by delivering quick, convenient and secure funding experiences to their customers. Merchants who use Instant Funding will have access to REPAY's dedicated implementation services, premier customer service, and professional risk management resources.
"With push payments representing nearly a $10 trillion opportunity, REPAY strategically identified the need to offer our Instant Funding product. We have invested in state-of-the-art technology to deliver a first-class, convenient funding experience in a highly secure environment while providing our merchants with access to real-time data insights," said Shaler Alias, President of REPAY.
"We are excited to be working with REPAY to deliver a payment solution that helps businesses run more efficiently," said Cecilia Frew Senior Vice President, North America Push Payments, Visa. "Visa Direct helps meet the demand for fast, convenient and secure access to funds that allows businesses to operate and interact with customers seamlessly."
The launch of Instant Funding comes at a time of immense growth and opportunity for REPAY. In January, Thunder Bridge Acquisition, Ltd. (NASDAQ: TBRG) and REPAY, announced that Thunder Bridge ("Thunder Bridge") a special purpose acquisition company, will acquire REPAY and the combined company will continue as a publicly-listed company. Completion of the transactions is subject to approval by the stockholders of Thunder Bridge and certain other conditions. The transactions are expected to close in the second quarter of 2019.
REPAY Realtime Electronic Payments is a full-service provider of electronic transaction processing services for a variety of integrated end markets. The REPAY payment platform provides direct integration to core systems and access to a suite of payment technology products including credit/debit card processing, ACH processing, Instant Funding, IVR/phone pay, text pay, electronic bill payment systems, and white-labeled consumer-facing portals, including mobile apps. For more information, visit www.repay.com.
About Thunder Bridge Acquisition Ltd.
Thunder Bridge Acquisition Ltd. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In June 2018, Thunder Bridge consummated a $258 million initial public offering (the "IPO") of 25.8 million units (reflecting the underwriters' exercise of their over-allotment option in full), each unit consisting of one of the Company's Class A ordinary shares and one warrant, each warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Thunder Bridge's securities are quoted on the NASDAQ stock exchange under the ticker symbols TBRGU, TBRG, and TBRGW.
1 Actual fund availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to the Visa Direct team and the Visa Direct Original Credit Transaction Global Implementation Guide for more information.
2 See citation 1
SOURCE REPAY Realtime Electronic Payments