Real-Time Payments See Explosive Growth With Instant Pay From Checkbook
SAN MATEO, Calif., Oct. 28, 2019 /PRNewswire/ -- In an age when companies can help build trust and goodwill by offering instant gratification to their suppliers and customers, it is no surprise that Checkbook's 'Instant Pay' feature has taken off and is thriving.
Early this year, Checkbook, a Silicon Valley payments startup, announced the launch of their newest feature - Instant Pay. Checkbook's 'Instant Pay' allows businesses to cash Digital Checks by pushing funds to eligible debit cards within seconds, thereby hastening the transfer of money which otherwise, typically, takes 3-5 business days.
Instant Pay From Checkbook is enabled by Visa Direct through CyberSource gateway, Visa's payment management platform. Visa Direct, Visa's real-time push payments platform, helps enable Checkbook to provide a payout service that meets the demands of their customers.
In a mere 4 months since its release, 'Instant Pay' has already become one of the most popular services that Checkbook provides. With millions of dollars being transferred through 'Instant Pay' per week, this feature has helped Checkbook increase its market share substantially...
Some of the biggest beneficiaries of this service are Checkbook's enterprise customers who have been enjoying the ability to transmit funds instantly to their recipients.
One such enterprise user being Vault.Insurance, a digital platform from Allied Insurance that is revolutionizing the insurance industry in the United States. "Instant Pay from Checkbook has been transformative for paying our claim holders,'' says Charles Williamson, CEO, a leader in digital transformation of insurance. "Week long delays in payments would affect our customers adversely. Prior to Instant Pay we had no way of disbursing payments instantly."
Andre Machicao, SVP, Global Head of Product, CyberSource, a Visa solution, said "One of the core foundations of our strategy is to help enable fintechs like Checkbook bring to market new payment experiences to their customers. The combination of CyberSource and Visa Direct will allow Checkbook's customers to seamlessly pay recipients directly, in real time. The flexibility, convenience and immediacy of this offering has become an integral part of how many organizations today run and manage their business."
In just a few years, Checkbook has successfully emerged as a preferred payment alternative for thousands of merchants for pushing payment to millions of users and this number is only growing with each passing day.
About Checkbook:
Checkbook is a San Mateo, CA based Startup that was founded by PJ Gupta (former Chief Network Architect at VISA) and funded by multiple Investors including Tim Draper. It is working towards eliminating Paper Checks and introducing the more efficient and more secure Digital Checks.
Company Contact:
Shreeya Agarwal
(650) 394 - 7784
[email protected]
SOURCE Checkbook.io
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