FINTECHS GIVE BANKS A WAKE-UP CALL WITH LOAN DISBURSEMENTS Why alternative SMB lending platform OnDeck is choosing collaboration over competition with traditional banks – Page 6 (Feature Story) The Federal Reserve found businesses wrote an average of 24.1 checks per month in 2015, down from 66 per month in 2000 (#KillTheCheck) – Page 14 (News and Trends) The top players in the disbursement ecosystem – Page 23 (Provider Directory) Disbursements AUGUST 2017 Tracker ™ powered by
Transcript
FINTECHS GIVE BANKS A
WAKE-UP CALL WITH LOAN DISBURSEMENTS
Why alternative SMB lending platform OnDeck is choosing collaboration over competition with traditional banks – Page 6 (Feature Story)
The Federal Reserve found businesses wrote an average of 24.1 checks per month in 2015, down from 66 per month in 2000 (#KillTheCheck) – Page 14 (News and Trends)
The top players in the disbursement ecosystem – Page 23 (Provider Directory)
What’s InsideHow the latest changes in payment technology could signal the end of the paper check —and the rise of new services like push payments and disbursement tools.
Deep Dive A data-rich look at marketplace lending platforms, including how these new services are removing the middleman from the lending process and impacting the ways banks and financial institutions consider their own lending strategies.
Disbursements Framework and Ecosystem A breakdown of the types of disbursements used to exchange funds, the various entities that employ them and the networks that support them.
Feature Story Andrea Gellert, chief revenue officer of online SMB lending service OnDeck, and Jim Larkin, OnDeck’s vice president of marketing and communications, discuss how alt-lending platforms are shaking up the lending market through quick loan approvals and faster fund disbursement.
News and Trends The latest news and headlines on new tools for pensions, P2P payments and real-time payment infrastructure for companies, banks and startups.
Provider Directory The top companies in the space based on the services they provide, from networks to enabling platforms to point solutions.
About Information on PYMNTS.com and Ingo Money.
AcknowledgmentSponsorship for the PYMNTS Disbursements Tracker™ was provided by Ingo Money. Ingo Money has no editorial influence over the Tracker’s content. In addition, the methodology for Tracker supplier rankings was developed exclusively by the PYMNTS.com research and analytics team. The methodology, scoring and rankings are done exclusively by this team and without input or influence from the sponsoring organization.
Paper checks’ days appear to be numbered, and their doomed fate is unlikely to provoke an outpouring of grief.
Grief (or lack thereof) aside, that’s the takeaway from a slew of recent developments and findings in the financial services sector. A recent survey of 1,000 U.S. consumers by payment solutions company Viewpost found most Americans believe the sun is setting on this form of payment. According to the research, only 11 percent of respondents anticipate American companies will bill them using paper in the future. More than half of survey respondents anticipate payments will be handled through mobile apps and other payment services like PayPal, Apple Pay and Venmo.
Based on recent findings from the Federal Reserve, the paper check’s influence already appears to be waning. A recent Fed report found businesses wrote an average of 24.1 checks per month in 2015, a sharp decline from the rate of 66 checks written per month in 2000. The Fed also found that as the paper check payment option declines, faster payment options are seeing a jump in activity from both businesses and consumers, perhaps in response to this consumer demand for Instant Money.
Speaking of greater activity, the August Tracker’s Deep Data Dive (p. 11) examines the growing role of marketplace lending platforms (MPLs). These platforms, which help connect borrows and lenders, are relatively new to the financial services market but are already demonstrating a billion-dollar market value. The Deep Data Dive explores why these services are gaining in popularity — and how they could compete with banks and larger financial institutions in the lending space — through instant, electronic distribution of loan funds to borrowers’ bank accounts, a service which makes the paper check a far less compelling payment option.
Here’s a quick snapshot of recent news from around the disbursements landscape:A few companies rolled out new solutions that could upgrade workplace benefits and offer both active and retired global employees a new level of payment and operational efficiency.
One recent change to benefit active employees in the U.S. market came from HR solutions providers ADP and ClearCompany. The two firms announced a collaboration on an integration of HR, payroll, talent, tax and benefit services for smaller businesses and mid-size companies.
“Just as the nature of work in America is rapidly changing, so too will the emergence of push
payments change the nature of workplace benefits. The ability to instantly and securely deposit safe-to-spend funds in any type of consumer account
will upend nearly every workplace-based payment relationship.
At the very highest level, it is already enabling real-time payroll opportunities for gig economy
companies like Lyft and Uber. This trend will certainly continue as more traditional employers opt for this
flexible payment option to better support paycheck-to-paycheck employees and obviate the need for payday
lenders.
Going a level deeper, we will also see the use of push payments close the gap for expense payments.
Workers will no longer extend what amounts to lines of credit for their employers, and can instead be
reimbursed instantly for job expenses. And, when you stretch to consider workplace benefits like
health insurance or credit, we’ll see the payment of claims and proceeds handled instantly through push
payments.
All of this is in response to changing lifestyle and workplace demands that revolve
around speed and flexibility. With push payments technology, employers can
better meet these expectations and needs.”
DREW EDWARDS, CEO of Ingo Money
Which types of workplace-related benefits face significant disruption from new
The partnership could allow both to more easily share data on employee candidates and new hires, and more easily integrate that data into payroll, HR, time and attendance and benefit systems. The partnership could allow both to more easily share data on employee candidates and new hires, and more easily integrate that data into payroll, HR, time and attendance and benefit systems.
Over in Finland, recent developments could signal big changes for the nation’s pension system. Take recent moves by pension providers Keva and Varma, for instance. The two companies partnered with Finnish IT firm Tieto to improve connections between the nation’s older pension systems and tax agencies and banks. Once implemented, the changes could impact more than one million Finnish pension recipients.
Around the globe, new payment infrastructures are arising to help parties on both sides of a payment transaction process money more quickly. Case in point, pan-European payment infrastructure provider EBA Clearing recently onboarded Italian financial services provider UniCredit, one of 39 companies planning to join the payment service. Once live, the EBA Clearing system will offer 24/7/365 payment processing across Europe. Elsewhere in Europe, U.K.-based IT payment firm Icon Solutions recently began testing connectivity between its Instant Payment Framework and The Clearing House’s faster payments infrastructure, a move which could allow Icon to help banks offer real-time payment processing. Other companies are turning to U.S.-based networks to improve payments.
For a roundup of all the latest headlines in the disbursements space, check out the Tracker’s News and Trends section (p. 14).
Reinventing the SMB lending experienceWith traditional banks continuing to alienate SMBs through age-old lending practices, alt-lending platforms are stepping in to fill the gap. Not only do SMBs now see faster decisions on their loan applications, but also receive almost-instant access to disbursed funds thanks to new disbursement tools. For the August feature story, PYMNTS spoke with Andrea Gellert, chief revenue officer of SMB lending platform OnDeck, and Jim Larkin, OnDeck’s vice president of marketing and communications, about how the company is shaking up the SMB lending market and creating new challenges — and opportunities — for traditional banking institutions.
August Disbursement Tracker updatesEach month, the Tracker highlights leading disbursements space players in the provider directory. This month, we’ve got over 50 providers offering services related to payment networks, payment methods, settlements, enabling platforms, point solutions and use segments. New providers in this issue include Allianz, DailyPay, Kalo, LendingClub, Prosper Marketplace, SelectCore, Tango Card, TransCard and Transpay. The provider directory also includes a profile of how each company serves its customer base.
Not too long ago, when a small- to mid-sized business (SMB) needed a loan, its only option was to visit a local bank, fill out myriad
application forms and wait several weeks or months to (maybe) get approved. Fast forward to today, and the small business lending process has undergone a significant overhaul.
With a growing number of FinTech players competing in the lending space, small businesses now have improved access to a range of loan options — and, in most cases, funds are disbursed in as little as 24 hours.
New services that can expedite the lending process are already gaining popularity with SMBs and consumers who need short-term loans. The Innovative Lending Platform Association (ILPA), a trade organization representing several companies in the space — including prominent players like small business loan provider Kabbage, financial consultant
Orion First and small business credit ratings and insights provider PayNet — says its member companies have distributed more than $14 billion in capital loans to small businesses to date.
While these services may help SMBs, new lending providers means new competition for the banking community. They also mean that traditional FIs have an opportunity to overhaul their old and often frustrating lending practices.
One of the early players in the market was online small business lender OnDeck, which has loaned more than $7 billion to small merchants since its founding in 2007. PYMNTS recently spoke with Andrea Gellert, OnDeck’s chief revenue officer, and Jim Larkin, the company’s vice president of marketing and communications, about innovation in the lending space and how the arrival of new players is pushing banks to up their game.
[SMBs] are used to a laborious process, and a lengthy process, in terms of getting a loan.“ ”
Feature Story
Jim Larkin, VP of Marketing and Communications at OnDeck
Faster loans, happier customersMore often than not, what distinguishes modern lenders from traditional banks is their affinity for adopting technology.
“[SMBs] are used to a laborious process, and a lengthy process, in terms of getting a loan,” Larkin said.
This frustration with banks creates an opening for online lending platforms to swoop in and offer an alternative, he added. And, as awareness of online alternative lending options increases, banks are under higher pressure to match those offerings.
Online lenders such as OnDeck rely on algorithms to assign loan applicants a score. That score is based on several criteria, including whether the business generates an annual revenue of at least $100,000, the age of the business and the credit history of at least one of the business’ owners. The outcome is then used to determine whether the platform should approve the loan. In some cases, the company will even review social media profiles such as Yelp to build a clearer profile of a lender, Larkin explained.
On the other hand, he said, traditional banks are often still hobbled by a cumbersome application and review process involving heavy amounts of paperwork — especially for small businesses — and it can take weeks to get a response.
“Now, customer expectations are only heightened,” Larkin said. “Banks are going to want to deliver that same experience.”
Feature Story
As banks look to harness the technology and work with FinTech players, they’re going to
want to deliver that same digital experience
“Over the last decade, OnDeck has learned a great deal from the best source of all — small business
owners. Initially, we assumed small businesses wanted a fully online experience that didn’t
require them to speak with anyone. One of the biggest lessons we learned was that while small
business owners value an easy online experience, they also really value great customer service —
which, when you think about it, isn’t too surprising because that’s how they differentiate themselves in their markets. So, a big part of our success has
been creating the combined high-tech and high-touch experience at [a] scale that small business
owners want.
Many banks are choosing to partner with companies like OnDeck to provide the experience
that banks themselves don’t necessarily have the technology to deliver. Our relationship with
JPMorgan Chase, for example, in which OnDeck provides the underlying technology to power
Chase’s online small business lending solution, has proven to be a win-win for both organizations.
And the ultimate beneficiary is our nation’s small businesses, who are able to access capital in a
speedy, ultra-efficient manner online. Chase just announced the expansion of that relationship
with us for up to four years to serve more than four million of their small business
customers.”
ANDREA GELLERT, Chief Revenue Officer
at OnDeck
What are the biggest lessons FIs can learn from SMB lending trends over the past 10
The rise of millennial entrepreneursAccording to Gellert, OnDeck is aware that heighted customer expectations are going to become more and more of a significant factor as millennials come of age and seek loans.
The millennial population is estimated at roughly 83 million, and a recent survey found almost half of millennials (49 percent) plan to start their own businesses within the next three years. As these budding entrepreneurs consider which financial institutions to partner with on their ventures, Gellert said common millennial frustrations with traditional banks present an opening for new lenders like OnDeck to serve their needs.
“[Millennials] don’t see the value in taking enormous amounts of time out of [their days] to go to a branch, deal with mountains of paperwork and wait for a long time to learn whether [their] loan [applications have] been approved or not,” Gellert said.
She noted lending platforms like OnDeck are designed to improve the speed and convenience of the SMB lending process and make it more efficient for borrowers.
“Our online experience enables small business owners to interact with us on their own time in a way that is completely native for them,” Gellert said.
“Millennials value that ability immensely.”
It’s not just millennials who are seeking a faster lending experience. With the economy improving and nearly half of small businesses actively looking for support to finance their operations, online lending platforms have a strong opportunity to step up and offer those loans at a faster rate. Recent research indicates this need for speed is one of the key reasons online lending platforms have been gaining in popularity among both consumers and SMBs.
A recent survey by YouGov found 81 percent of both retail consumers and SMBs who turned to digital lenders said the ease and speed of completing a loan application were the reasons they made the switch. In the same survey, 77 percent of respondents cited the rapid pace of loan decision making as the key appeal for these platforms. (For more data insights on peer-to-peer (P2P) and marketplace lending (MPL) platforms, check out the Tracker’s Deep Dive on p. 11.)
Collaborate, don’t competeGiven the often adversarial status of their offerings, older, more traditional banks and newer FinTech companies have long been at odds with each other. More recently, though, a sense of collaboration is seemingly starting to take hold between the two sides.
Larkin sees this as a positive development for the banking community, because a partnership between banks and FinTech players breaks new grounds for innovation and is ultimately beneficial for consumers.
“As banks look to harness the technology and work with FinTech players, they’re going to want to deliver that same digital experience,” Larkin said.
Larkin pointed to OnDeck’s own partnership with JPMorgan Chase as an example. Under the partnership, JPMorgan Chase and OnDeck collaborated on Chase Business Quick Capital, a
digital lending platform enabling banks to quickly extend up to $200,000 in loans with terms ranging up to 24 months. JPMorgan Chase provides the lending capital, and OnDeck offers the technology to facilitate the loan, reducing the number of steps in the application process and increasing the speed at which funds are disbursed.
In early August, the two companies agreed to extend their small business lending partnership for another four years.
Larkin also mentioned Goldman Sachs as a bank which appears to be taking a cue from the FinTech playbook. Last year, the investment firm announced a new personal loan service called Marcus which allows borrowers to apply for a loan up to $30,000 with terms ranging from two to six years.
“It’s kind of counterintuitive,” Larkin admitted. “You wouldn’t think Goldman Sachs, a big investment firm, would have that ability, but they do. I think it’s really helping to bring a new type of experience to the consumer loan industry.”
Tipping the scales of scalabilityFortunately for Chase and Goldman Sachs, Larkin
said, collaborations between newer FinTechs and more established banks represents a two-way partnership.
While banks gain access to modern technology and new avenues to deliver their products to market, FinTech players stand to benefit from the collaborations by leaning on the strong financial infrastructure of banks to meet changing consumer demands.
Gellert believes increased investment in technology and product innovation will be continually important to addressing the needs of more U.S. small business owners, especially to help them stay competitive in the cross-border commerce arena.
“When you look at it in a broad sense, this will be crucial to our country’s growth and vitality,” Gellert said. “We need to make sure our small businesses can compete with their products and services not just at home, but also in global markets.”
Meanwhile, online lending platform companies that are unable to address the changing needs and demands of borrowers, however, risk falling by the financial wayside, according to Larkin.
“There will probably be some shakeouts in online lending as those without scale may find it difficult to compete,” Larkin said.
As more small businesses expand their operations, the rise of online lending platforms and willingness of FinTechs and banks to work in collaboration means SMBs seeking loans are likely to find a wide array of lending options — and that institutions which remain stuck in their old ways of operating stand at risk of biting the (financial) dust.
For businesses and consumers around the world, peer-to-peer (P2P) lending platforms are fast replacing traditional banks for their
borrowing needs — a move that also indicates an uncertain future for the paper check’s role in loan disbursements.
P2P lending — also called marketplace lending (MPL) platforms — may still be relatively nascent, but are beginning to make their presence felt. In 2014 alone, some $23.7 billion in loans were issued by MPL platforms, marking a CAGR of 120 percent from 2010.
Globally, the U.S. leads the MPL pack, accounting for 51 percent of the overall volume. It was followed by China and the U.K., which saw 38 percent and 10 percent of P2P loans origination, respectively.
Borrowing vs. lendingEighty-one percent of retail consumers and small- to mid-sized businesses (SMBs) cited ease and speed of loan application as reasons for seeking loans from a marketplace lender, according to a YouGov survey commissioned by Deloitte. Meanwhile, 72 percent cited fast decision making and convenience as their top reasons for working with an online lender.
But, beyond the speed and convenience of MPL loan applications, the speed of payment for loan proceeds is also a big driver in the rapid shift away from traditional banks. Online P2P lending platforms have inherently relied on ACH to disburse funds at a faster rate, which is crucial to SMBs that need financial liquidity. Now, with the alt-lending industry moving toward use of push payments as an even faster method of near-instant disbursements over ACH, the shift away from traditional banking could accelerate even more quickly.
The state of MPLs in the US and the UKThere’s a growing awareness of MPL platforms in the U.K., though they only account for roughly 6 percent of the market share. According to the YouGov survey, approximately 53 percent of consumers and 76 percent of merchants said they were aware of the availability of MPL platforms.
However, MPLs have only been in existence for a few years, and consumers and businesses are seemingly skeptical when it comes to using them. Nearly 91 percent of U.K. consumers who were aware of the MPL platform said they had not used one. The rate was even higher among businesses, 94 percent of which reported they had never used MPL platforms.
Nonetheless, lending platforms in both the U.S. and the U.K. are enjoying a bullish market.
In 2016, Scottsdale, Arizona-based Zelle reported a solid 170 million P2P transactions valued at $55 billion. Meanwhile, San Francisco, California-based Prosper has processed more than $8 billion in loans since its launch.
U.K.-based P2P lender Zopa is yet another player seeing a high volume of P2P lending transactions. Since its founding in 2005, the platform has facilitated £2 billion (or $2.58 billion USD) in loans.
For these top players, speeding up the lending and payment process remains key to attracting
consumers and SMBs. Both Prosper and Zopa disburse funds to a borrower’s account within one to three days of loan approval today. But the adoption of instant money payments or push payments will only enhance an MPL’s value to its customers.
Rise of MPLs, fall of paper checksU.S.-based MPLs such as Lending Club, Prosper and Upstart complete their loan reviews in seven business days or less and disburse funds directly into a users’ bank account. In the U.K., some MPLs such as Ratesetter and Zopa also promise to disburse funds directly to an applicant’s bank account in 24 to 72 hours following the loan’s approval. South of the equator, Australian MPL SocietyOne disburses funds as quickly as 48 hours after approved.
The fact that all leading MPLs are processing their loans electronically and disbursing funds directly to borrowers’ bank accounts is another sign the paper check’s future is in serious jeopardy. The adoption of push payments and instant disbursement of funds will only accelerate this demise. In fact, the overall rising popularity of MPLs is likely to further speed paper check’s journey into retirement.
A recent survey from Viewpost on the future of U.S. payment options found Americans are overwhelmingly in favor of more “futuristic” payment options over older payment methods like paper
Deep Dive
170 million P2P TRANSACTIONS in 2016VALUED AT $55 BILLION
checks. With electronics payment methods being accepted by more than half of respondents (51 percent), consumers are all but ready to write the paper check’s obituary.
So, how uncertain is the paper check’s future? Pretty bleak. The survey found nearly one-third of consumers believe paper checks will become irrelevant over the next five years, whereas 83 percent anticipate paper checks’ extinction over the next 20 years.
The same report also found declining interest in paper invoicing — yet another sign MPLs are poised for additional growth as paperwork becomes less and less appealing.
Where MPLs are headedWhile the vast majority of consumers have yet to put their trust in borrowing or lending through online platforms, MPLs are still positioned for a significant growth over the next decade.
Low cost of operation, ease of use and versatility between mobile and desktop are some of the factors that will continue to put them ahead of, or on par with, slower-moving traditional competitors.
In fact, the MPL market is estimated to be worth as much as $150 billion by 2025, up from $5.5 billion in 2014, according to consulting firm PricewaterhouseCoopers (PwC).
While P2P lending platforms are poised for rapid growth, they are “unlikely to pose a threat” to traditional banks, according to a Deloitte report.
The ease of use and the growing popularity of these platforms isn’t just drawing the attention of consumers and businesses, but also of larger banks
and other financial institutions that are making moves to stay on top of the lending business.
Lately, a wave of banks and FIs are muscling in on P2P lending. In August 2017, PayPal announced its plan to acquire Swift Financial to boost its small business lending arm. Meanwhile, Goldman Sachs announced plans to enter the P2P lending space, becoming the first big bank to take on marketplace lenders.
Lending platforms, on the other hand, are partnering with banks to fund their loans, offer customer referrals and collaborate on credit products. For example, Zopa partnered with Metro Bank last year, enabling Metro Bank to loan money to consumers through Zopa’s platform — thereby bringing in an influx of additional funds to the lending platform, according to Forbes.
When it comes to P2P lending, and while MLPs are seemingly far from overtaking or replacing traditional banks, one thing is certainly clear: MLPs are influencing — and will continue to influence — how banks think about their lending practices.
Check-killing effortsAmericans want paper checks to die (#KillTheCheck)According to a new survey from electronic payment services company Viewpost, most Americans believe the paper check’s days are numbered. The Viewpost survey of 1,000 U.S. consumers found more than half of respondents believe payments between customers and businesses will be conducted via mobile payment apps in the future. Of the survey respondents, 11 percent said they think companies will continue to bill them via paper, while 54 percent believe they will receive bills and invoices via automatic online payments through their bank accounts or credit cards.
The survey also found nearly 51 percent said they have been paid for something via direct deposit. As for paper checks, one third of those surveyed said paper checks will be gone over the next five years, while 83 percent are betting the phase out will happen over the next 20 years.
In a statement, Viewpost CEO Max Eliscu said the report’s findings indicate consumers are not planning to use paper checks down the road. “People are willing to embrace a more convenient, frictionless payments future,” Eliscu said. “Paper invoicing and checks are well on their way out in the consumer setting, and more businesses across the spectrum are beginning to follow suit with transactions among their trading partners.”
Fed finds ACH surpasses checks in corporate paymentsFindings from the Federal Reserve appear to support the vision of a checkless future. In late June, the Fed released its latest findings on consumer and business payment habits, based on data collected in 2015 and compiled in 2016. The report found businesses wrote an average of 24.1 checks per month in 2015, down from an average of 66 per month in 2000. Meanwhile, ACH payments increased, with businesses sending an average of 29.8 online payments each month using this rail, up from 13.4 in 2000.
The value of corporate payments has also risen significantly since 2000, the Fed found. According to the report, the value of ACH transfers and checks combined reached $148.5 trillion in 2015 — more than double the value in 2000. For both consumers and businesses, the volume of non-cash payments jumped over the 15-year period. Online ACH payments became most common for businesses, followed by checks, general-purpose credit cards and non-prepaid debit cards (for consumers, non-prepaid debit cards were the most common non-cash payment mechanism).
The Fed is currently collecting data on non-cash payments made during 2016 with plans to provide annual updates in trends, as opposed to the current updates published every three years. The first annual report is expected to be released later this year.
A brave new world of (push) insurance paymentsIn the insurance industry, old habits die hard. Case in point, the paper check is still one of the most-used payment options in the market, despite the availability of faster, more efficient payment tools. And this reliance on paper checks is seen as a common pain point for insurance policyholders who must wait for checks to arrive at physical addresses before being able to pay for necessary repairs to their homes or vehicles.
In the latest installment of the PYMNTS “Kill the Check”
podcast series, Ingo Money CEO Drew Edwards told PYMNTS’ Karen Webster that insurance, as an industry, is ripe for an overhaul when it comes to payments. Edwards also noted push payments may go a long way toward improving customer experience by delivering Instant money payouts..
During the podcast interview, Edwards said the push payments concept is simple because the process relies on existing payment rails in reverse and can send money directly to a recipient’s debit card. According to Edwards, the insurance industry should look to push payments as a way to innovate payment operations and remove paper check from the equation. Doing so, he said, will reduce the common headache for policyholders of having to wait for a check to arrive in the mail. “I can’t think of anybody who actually wanted the check,” Edwards said.
Edwards went on to compare the insurance industry against the companies that are hallmarks of the “new economy,” like Uber and Lyft, which have never relied on paper checks. Because it can be expensive for insurance providers to build the functionality to disburse funds, Edwards recommended these companies partner with push payments providers to help develop a ready-made push payment solution. New technology would help these companies offer a more modern and efficient insurance claims payment experience for customers, giving them faster access to their funds.
Building new B2B solutionsB2B payments firm TransferMate lands US clearanceTransferMate Global Payments, an Ireland-based B2B payments company, recently secured regulatory approval to operate in the U.S. The company offers a B2B, end-to-end payments platform for cross-border transactions. In a press release announcing the news, the company noted the U.K.’s upcoming departure from the EU will make it the only European payment company authorized to work in both the U.S. and Europe. TransferMate also
announced two executive appointments, Gary Conroy as the company’s new COO and Rafael de la Vega as the new North American board advisor. TranferMate co-founder and CFO Sinead Fitzmaurice noted the company intends to capitalize on its “post-Brexit dominance of the B2B cross-border payments market.”
EML lends virtual payments to Mize Houser franchise AP solutionIn other B2B news, a recent collaboration could help companies move beyond their reliance on paper checks. Payment solutions provider EML Payments announced plans to integrate its virtual payment capabilities into the accounts payable solutions offered by accounting solutions firm Mize Houser. Mize Houser provides CPA services to restaurant franchisees to enable them to pay their vendors using electronic payments. The two companies said they will look to help businesses replace paper checks with virtual or ACH payments for B2B payments.
In a statement announcing the integration, EML CEO Eric Mettemeyer said the partnership could help companies shift from paper check payments to faster, more modern solutions. “Costly, time-consuming and fraud-prone paper checks are still a common payment method in the North American accounts payable industry,” Mettemeyer said. “EML is focusing on establishing more accounts payable outsourcing partnerships that help organizations like Mize Houser switch from paper checks to virtual payments.”
Building faster payment networksEBA Clearing adds UniCredit to instant payments serviceIn Europe, EBA Clearing is preparing to launch its real-time, cross-border payment service RT1 later this year and recently announced another company has onboarded the solution. Italian financial services firm UniCredit said it is currently testing the RT1 instant payment solution.
According to a news release, UniCredit is one of 39 institutions planning to enable the development of the new EBA Clearing infrastructure, which will offer 24/7/365 pan-European payment processing system. The companies noted that the RT1 platform will be available on the same day the European Payment Council’s SEPA Instant Credit Transfer Scheme goes live. In the same release, UniCredit’s global co-head of transaction banking, Jan Kupfer, said offering access to the instant-payments network will help support both its corporate and retail customers and will “greatly enhance the effectiveness of [UniCredit’s] services and increase customer trust.”
UniCredit said its clients in Italy and Germany will be the first with access to the real-time payment service, beginning this November.
What’s fast and slow and read all over? Back stateside, one of the most highly-anticipated reports on the country’s faster payment system was released in July. Among the recommendations included in the U.S. Federal Reserve’s Faster Payments Task Force report were that of relying on a market- and industry-driven framework for governing the U.S. faster payment system, and investing in education initiatives to raise awareness, address gaps in cross-border functionality and develop efficient fraud detection systems.
The report also opened the door to relying on the U.S. Federal Reserve to address shifts in regulations and to develop a 24/7/365 settlement service for faster payments. But, as PYMNTS’ Karen Webster recently pointed out, there is little ROI for banks to invest millions — or possibly billions — to build and participate in a new type of payment ecosystem.
Icon Solutions takes next step in linking US Banks to faster paymentsWhile the Fed mulls its role in the faster payment ecosystem, some U.S. firms are moving ahead with their own faster payment designs. IT payment consulting firm Icon Solutions recently announced it had begun testing connectivity between its Instant Payment Framework (IPF) and The Clearing House’s new faster payments infrastructure. The solution has already been deployed in Europe and Asia, and can integrate with banks’ existing ledgers and fraud systems or support add-on services such as Request for Payment.
The launch of a TCH gateway signals Icon Solution’s latest step in pushing for faster payments for U.S. banks. In a news release, the company said its Instant Payments Framework allows banks and other financial firms to undertake real-time payments processing, instantly and 24/7. Icon head of payments Tom Hay said integrating with the TCH network “will provide U.S. banks with a ‘plug and play’ option for connecting to TCH’s real-time payments platform.”
Social payment toolsPayPal, Skype partner on mobile paymentsOnline payment company PayPal recently announced an arrangement with Skype that will enable the instant messaging service’s users to send and transfer money to one another. PayPal’s vice president of global consumer product and Xoom announced the decision in a blog post.
With the partnership in place, Skype users in 22 countries will be able to use PayPal to send money to fellow Skype users from the Skype mobile app. The offering will be available to users who have access to the latest version of Skype on their iOS and Android mobile devices, according to PayPal. The service rolled out in early August and is available in the U.S., Canada and more than a dozen European countries.
Venmo rolls out QR code feature to ease P2P mobile paymentsIn addition to a partnership with Skype, PayPal debuted a new feature for its P2P service Venmo, which now offers a QR code service to make it easier for users to find and add individuals to a connections list for simple payment. The feature is located under a new menu option in the app called Scan Code and works with both iOS and Android versions.
Venmo users can either use their phone’s camera or a unique Venmo code to find a friend’s QR code. The QR code appears next a photo of the user in the Venmo app and can also be posted to other social messaging platforms such as iMessage, social media networks and emails. Tapping on the QR code in the app will enlarge it to make it easier to scan. The news of Venmo’s new feature comes as QR codes are gaining popularity among mobile payment services for Android and iOS devices.
Klarna rolls out P2P payment app WavyThe latest mobile app in P2P payments comes from Swedish FinTech company Klarna Bank. The company recently announced the release of a free P2P payment service called Wavy, which allows users to send and request money. In a press release announcing the new product, Klarna said Wavy is available to consumers in 31 European markets to perform a variety of P2P tasks such as transferring money or splitting bills.
The Wavy service can connect to a bank account or a credit card, and users can generate a payment link when they want to initiate a transaction. The payment link can be shared via social media or directly to another Wavy user. The release also noted that payment recipients do not have to sign up for Wavy to receive a payment, and can instead send the funds to a bank account. Additionally, the app uses 3-D animated stickers to indicate what a payment request is for, such as a pizza or a shared household expense.
New workforce paymentsTieto rolls out new pension payment systemIT software and services provider Tieto announced a new solution to help a pair of Finnish companies overhaul the country’s pension system. Pension providers Keva and Varma agreed to participate in a three-year renewal project that establishes an automated payment platform.
The project will be carried out in stages, including using DevOp methods and automated solutions for system development. Once developed, Tieto said in a release, the new system will be able to seamlessly connect older pension systems with tax authorities, banks and Finland’s public pension system. Tieto noted the system will be flexible and able to easily adapt to changes in the pension landscape, such as new regulations.
Tieto currently handles pension payments for an estimated 650,000 recipients. In the release, Tieto speculated the new system could double that figure.
Keva is Finland’s largest pension provide and oversees the pensions of 1.3 million local, state, church and social employees. Varma is a mutual company, owned by client companies and self-employed individuals. It represents approximately 66,000 self-employed and employer clients, handling earnings-related pensions coverage for around 862,000 people.
ADP, ClearCompany partner to mesh payroll, talent managementIn addition to Tieto’s efforts to overhaul pension payments, another recent partnership could impact other workplace-related payments. Human resources solutions provider ADP and talent management software provider
ClearCompany announced an agreement to develop a new solution for SMBs. Under the agreement, ClearCompany will integrate ADP’s payroll, benefits administration, time and attendance solutions with its own talent management platform. The partnership follows May jobs report findings that smaller businesses, feeling confident about their economic positions, have been adding an average of 90,000 new employees per month since January.
Societies go cashlessSingapore gets a taste of electronic insurance claimsIn Singapore, the insurance market is poised to experiment with electronic payments for disbursing claims. Insurance provider MSIG Insurance and financial services provider DBS Bank recently announced the rollout of the market’s first electronic payment service for travel insurance claims. According to a news release from MSIG, the solution can cut the wait time for a recipient to receive a travel claim by approximately four days.
The service works by integrating with DBS Banks’ API, the DBS IDEAL RAPID. DBS customers who purchase an MSIG travel insurance plan through the DBS website and register through MSIG’s customer portal can access the real-time claims payment service. MSIG also claims the service is the first of its kind to launch in Singapore.
MSIG Insurance CEO Michael Gourlay said the company will look at other avenues for which the service can be used besides travel insurance claims.
UK looks to reform gig economy paymentsIn the U.K., a recent publication outlines a strategy for how the government can improve the nation’s economy by providing certain benefits to gig workers. The report, which was prepared by Matthew Taylor, previous aide to former Prime Minister Tony Blair, pointed to the problem of “one-sided flexibility” within the gig economy, giving employers too much power and enabling them to transfer financial risk to gig workers.
The report also outlines several proposals for the government to assist workers in the gig economy. First, it calls for workers for platform-based employers, such as Uber and Deliveroo, to be classified as dependent contractors, to develop strategies to ensure they earn more than the National Living Wage and to create greater government accountability. The report also urged policymakers to develop strategies to help phase out cash payments, noting that some types of cash-based work — such as window cleaning and decorating — are worth £6 billion per year as an industry, though many services are untaxed. The report did not, however, call for cash payments to be eliminated entirely, instead urging governments to take steps to boost the usage of transaction platforms such as PayPal and Worldpay to reduce the dependency on physical currency.
Hike launches digital payments in its India messaging appA nationwide cashless policy has already been implanted in India to reduce the country’s dependency on cash and discover new tax revenue opportunities. As a result of the demonetization, India’s digital payment market is expected to be valued at $500 billion and contribute up to 15 percent to India’s GDP by 2020. To address the growing demand for digital payments in India, instant messaging company Hike recently added a digital payments wallet to its app. The
service marks the first time a messaging platform in India has enabled digital payments.
The Hike mobile wallet allows instant money transfers between customers and offers transfers to banks using the Indian government-backed United Payments Interface (UPI) system. Hike has partnered with Indian private lender Yes Bank to enable transfers to financial institutions. The app also allows users to send “blue packets,” envelopes that contain digital money, to their connections.
Another messaging service, Facebook’s WhatsApp, could launch a similar service later this year.
The PYMNTS.com Disbursements Tracker™ is designed to give a breakdown of the different players and cover the news and trends in the disbursements ecosystem. Each month, new companies will be added to the Provider Directory, based on movements in the space. Companies included in the directory have been sorted based on the following framework:
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American Express Serve offers a cash load network and money management capabilities in its service’s prepaid suite. The companies’ services include direct deposit, bill pay, mobile check capture and personal financial management tools.
American Express Serve
Instantly
AMEX Serve
Direct deposit, mobile check capture, financial management tools, corporate cards
Through its subsidiary Transact24, China Union Pay provides different payment solutions such as ACH processing and prepaid card issuing. The company has several partnerships available to provide different P2P services, such as Alipay, Entropay and Envoy.
China Union Pay
Instantly
ACH processing, P2P payments, prepaid card issuing
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The company’s payments network supports a full range of credit, debit and prepaid cards, including Discover Card. The company provides tools and programs designed to help issuers, acquirers and merchants drive loyalty; increase transaction volume; and run their businesses efficiently.
Discover Network
Instantly
Direct deposit, real time tracking, financial management tools
Discover Network
Interac is responsible for the development and operations of the Interac network, a Canadian national payment network.
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Mastercard Send can help disbursers such as businesses, governments and nonprofits to broaden their reach by sending funds to virtually all consumer bank accounts using the debit card number associated with that account, typically within seconds.
NACHA uses a batch processing and store-and-forward system that allows it to move approximately 22 billion electronic financial transactions valued at $39 trillion each year. The organization represents more than 10,000 financial institutions and works to facilitate the expansion and diversification of electronic payments on the ACH network.
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NYCE Payments Network, LLC, an FIS company, provides consumers with secure, real-time access to their money, offering ATM and point-of-sale locations nationwide. The NYCE On-Demand product offers cardholders a real-time solution to pay bills online, receive loan proceeds and transfer funds.
NYCE
Instantly
Bill payment, receive loans, fund transfers
NYCE
The SHAZAM network is a member-owned financial services provider and debit processor. The company’s portfolio of solutions include core, risk management, card, ATM, marketing, merchant, mobile and ACH.
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Visa Direct offers funds disbursement options for different applications, including reimbursements, refunds, rebates, payouts, loan distributions and government disbursements. Its real-time payments capabilities open convenient payment experiences for different use cases, such as paying friends and family, splitting bills, paying contractors and freelancers, sending remittances, and performing account transfers.Visa Direct
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Assembly Payments' platform enables businesses in North America, Asia Pacific and Africa to accept, manage and disburse payments.
Assembly Payments
Instantly
Accept, disburse and manage payments
Assembly Payments
CSI Enterprises, working under its trademark name “globalVCard,” offers several different solutions including electronic account payables, corporate travel payments, mobile payments and cross-border payment.
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Conduent is a provider of diversified business process services with capabilities in transaction processing, automation, analytics and constituent experience. Its solutions serve multiple industries including health care, public sector and insurance.
Conduent
Variable
Government disbursements, payroll, pension payments
Conduent
Currencycloud develops a cloud-based platform that enables their clients to automate the way they send and receive money internationally. The solution covers the whole payment cycle, from receipt of funds to conversion and payment.
Currencycloud
Instantly
Conversion, payment, account and compliance manager
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Dwolla provides APIs for businesses to leverage their bank transfer platform. Their solution also allows businesses to integrate ACH transfers into their applications. Clients of the API can label it with their own brand, create customers, link bank accounts, initiate transfers and use webhooks to monitor transactions.
Dwolla
Same-day ACH for approved partners, next-day ACH
ACH payments, direct deposits, instant identity verification
Dwolla
Early Warning delivers payments and risk solutions to financial institutions worldwide. The company serves a network of over 1,400 financial institutions, government entities and payment companies. Their portfolio of solutions enables real-time funds availability for a variety of payment types. For corporate clients, the company’s solutions enable them to instantly disburse funds without revealing sensitive account information.Early Warning
Instantly
Faster payments, P2P payments, corporate and government disbursement, direct check deposit/cashing checks
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Fiserv is a financial services developer with solutions covering payments, processing services, risk, compliance, optimization and customer and channel management and insights. Digital Disbursements is Fiserv’s solution for the B2C digital payments market.
Fiserv
Instantly
Digital disbursements to clients across different industries
Fiserv
Hyperwallet supports gig workers and freelance payments solutions for businesses. Their products are available on SaaS or through REST API integration and include systems monitoring, maintenance management, payee support tools and KYC/AML compliance.
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Ingo Money is a push payments technology and risk management company that develops solutions for improving the way businesses and people pay and get paid, helping them convert cash, checks and ACH into instant digital payments. The company’s API allows businesses and banks to originate corporate disbursements, P2P payments, check deposits and bill payments funded in real time to debit, prepaid and credit cards and private-label credit and mobile wallet accounts.Ingo Money
Instantly
Ingo Money
Cashing checks, direct image check deposit, push payments
Mitek develops mobile capture and identity verification software. Their solutions allow financial institutions, payment companies and other businesses to verify their users’ identity during a mobile transaction. This technology can be used during account openings, insurance quoting, mobile check deposit and others.
Mitek
One day to two days
Mobile capture and identity verification, multi-check capture, mobile deposit
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Novatti is a global software technology and systems integration provider. The company’s solutions span a wide array, including P2P payments, government disbursements, mobile banking and bill payments, among others.
Novatti
Not available
Government disbursements, P2P
Novatti
Parascript develops artificial intelligence software that analyzes critical information for financial services, government agencies and the health care industry. Their software enables business automation in documents, forms, mail processing, transaction processing and fraud prevention. The company’s three main check processing products are CheckPlus, CheckUltra and CheckUsability.
Parascript
One day to two days
Check processing, check recognition and verification
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Payoneer is an online payment solutions provider that enables companies to pay people and businesses around the world using several transfer payment solutions, including prepaid cards and local eWallets.
Payoneer
Minutes
Payroll, international payments
Payoneer
PayPal operates a digital payment platform home to nearly 200 million active accounts. PayPal offers its users the capability of sending payments or getting paid as well as performing transactions online, mobile, in-app and in-person. Their line of platforms includes Braintree, Venmo and Xoom.
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SelectCore is a prepaid payment solutions provider. The company offers a range of services — from POS activation and mobile top-up to open and closed loop prepaid stored value cards — for corporate clients, government agencies, telecom carriers and retail partners.
SelectCore
Instantly
Government disbursements, payroll disbursements
SelectCore
Tango Card is a digital reward solutions developer. The company’s products enable businesses to instantly deliver electronic gift cards, prepaid cards and non-profit donations in bulk or through the Tango Card API.
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TransCard is a SaaS funds disbursement and management platform offering solutions for an array of industries, including financial services, corporate disbursements, insurance, hospitality, payroll and government.
TransferWise Ltd is an international payments services provider. Its solutions include money transfer and currency exchange services, and funds can be transferred from a bank account or a credit card.
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Transpay offers a B2B/B2P cross-border payouts platform. The company’s offerings service several industries, including international payroll, online travel agencies, vacation rentals, crowdsourcing platforms and eCommerce marketplaces.
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Activehours offers solutions that allow customers to track the number of hours they’ve worked and request their pay when they want it. Customers need an electronic timesheet and direct deposit to get their payments. The app also supports individuals who are paid “per task,” such as Uber and Instacart workers.
Activehours
Same Day
Receive payments from employer
Activehours
Allianz is an insurance and financial services provider. The company’s subsidiary, travel insurance provider Allianz Global Assistance, enables clients to file claims using mobile devices and receive money to their bank accounts through direct deposit. Funds are disbursed within one to two days of a claim’s approval.
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Apple develops devices like the iPhone, iPad, the Mac and Apple Watch, as well as its own operating system and software. The company has announced that iOS 11 will include P2P payment services.
Apple
Instantly
P2P payments
Apple
Barclays is behind Pingit, an app that links a user’s mobile phone number with their bank account and lets them receive and send money. Pingit also allows international payments to over 35 countries, bill payment functionalities and donations to charities.
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Circle offers an app that allows users to send money and exchange currency between U.S. dollars, U.K. pounds and Euros. Circle works together with iMessage allowing the user to send money to other people without needing to open the app.
Circle
One day to two days
P2P payments
Circle
DailyPay is a technology-enabled financial wellness company. The DailyPay’s solutions work as an add-on to a company’s existing payroll system. Once added, the solution allows an employee to access his or her money before payday, and the pre-accessed amount is later deducted from the employee’s paycheck.
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Digiliti Money is a provider of cloud-based, SaaS financial solutions and helps financial institutions of all sizes leverage their remote deposit capture solutions to create revenue streams, foster customer relationships and gain competitive edge.
Digiliti Money
N/A
Image check deposit, bill payment, money management
Digiliti Money
Ensenta develops real-time SaaS solutions for mobile and online payments and deposits. The company offers its financial services to government, health care, logistics and nonprofit markets.
Ensenta
One day to two days
Remote deposit capture, check cashing, mobile payments
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Facebook introduced a payment functionality in its messaging app Facebook Messenger in 2015 for its U.S.-based users. The functionality allows users with Visa or Mastercard debit cards issued by a U.S. bank to send or request money from their Facebook friends and generate the transaction inside the app.
Facebook
Instantly
P2P payments
Facebook
Google offers its own tool for sending and receiving money under the name of Google Wallet. This functionality allows users to make transactions through the app, through Gmail or online. The money received through the app is directly deposited in the user’s bank account.
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Green Dot corporation, along with its subsidiary bank, Green Dot Bank, is a financial technology company that specializes in the prepaid debit card industry. Green Dot offers users multiple ways of reloading their card, the possibility of sending and receiving money, and an app from where users can manage their account.
Green Dot
One day to two days
Direct deposits, mobile check deposit, bank transfer, P2P payments
Green Dot
Kalo is a freelancer management platform that allows companies to see their freelancers’ information, check availability and assign tasks. The platform also provides payment capabilities for disbursing money to freelancers around the globe.
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LendingClub is an online marketplace connecting borrowers with investors, automatically depositing loans into the borrower’s bank account. The marketplace enables borrowers to apply for loans online and select an offer after reviewing monthly payments and interest rate options.
LendingClub
Varied
Loans
LendingClub
NCR is a global technology company that specializes in the development of consumer transaction solutions. In the area of financial services, NCR provides solutions for digital banking, check and image processing, fraud prevention, and transaction processing between others.
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Nooch is an app that allows users to make P2P payments by linking to an existing bank account to fund the app transfers. The payments can be delivered with a memo or a picture attached.
Nooch
3 Business days
P2P payments
Nooch
Payza is a global online payment platform specializing in eCommerce payment processing, corporate disbursements and remittances for individuals and businesses.
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Prosper Marketplace is a personal finance solutions developer. The company’s lending products allow borrowers to check rates, choose terms and have funds disbursed directly to their bank accounts through direct deposit.
Prosper Marketplace
1-3 days
Loans
Prosper Marketplace
Revolut allows users to transfer funds from their bank accounts or debit cards into its app and from there spend, send, receive and exchange money. Users can send money to other people even if they don’t have a Revolut account. The app works in 20 different currencies and also offers currency exchange capabilities.
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RushCard offers clients a prepaid visa card that allow the user to access different features like mobile access, ATM withdrawals and get their paycheck directly sent to their RushCard.
RushCard
Instantly
Cash checks, mobile app
RushCard
Square Cash allows individuals and businesses to exchange money with others regardless if they are users of Square Cash or not. Payments can be sent with debit or credit cards and cashed out to a bank for free.
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The Check Cashing Store’s services include cashing various checks for various purposes such as payroll, government, small businesses, personal, insurance and money orders.
The Check Cashing Store
Two days or more
Check cashing
The Check Cashing Store
Upwork is a freelancing platform that allows clients to find, hire, work with and pay freelancers. Freelancers can choose payment though various methods including ACH and PayPal.
GOVERNMENT InsurersMerchants PeopleCorporates Law FirmsLenders Marketplace
GOVERNMENT InsurersMerchants PeopleCorporates Law FirmsLenders Marketplace
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Venmo is a service of PayPal that allows users to send money to other Venmo users and make purchases. Venmo focuses on the social aspect with an interface similar to a social media platform, allowing members to share their purchases and payments. Finally, users can decide to move the money to their bank account.
Venmo
Instantly
P2P payments
Venmo
Verse is an app that allows users to register with their mobile phone numbers and get linked to their bank accounts. Users can use Verse to send or receive money from others just by providing their phone number and transferring their Verse balance to their bank account.
GOVERNMENT InsurersMerchants PeopleCorporates Law FirmsLenders Marketplace
GOVERNMENT InsurersMerchants PeopleCorporates Law FirmsLenders Marketplace
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WorkMarket develops cloud-based labor automation platforms. The company enables businesses to create work projects and manage them, hire freelancers, pay freelancers and receive reports with real-time WorkMarket activity data.
WorkMarket
Instantly
Employee payments
WorkMarket
Zopa is a digital P2P lending services provider. The company matches people looking for a loan with investors searching for a high rate of return. The process of applying for the loan and receiving the money is entirely digital.
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Ingo Money is the instant money company. Founded in 2001 with a mission to digitize the paper check, our push payments technology enables businesses and banks to disburse instant, safe-to-spend electronic funds from any source to consumers anywhere through more than four billion debit, prepaid, credit, private label credit and mobile wallet accounts. This transformation of traditional payments helps businesses reduce cost and delays while dramatically improving the consumer experience.
The Ingo Instant Payments gateway enables companies and banks to deliver instant, safe-to-spend funds directly into customer accounts. This “push payments in a box” solution offers industry leading benefits, including network ubiquity to reach more than four billion consumer accounts as well as all required compliance and security checks, through one simple API integration. Ingo Money has funded over $10 billion in transactions since launch, and completed the first push payment transaction in the U.S.
Headquartered in Atlanta, you can learn more at www.ingomoney.com.
PYMNTS.com is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce. Our interactive platform is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of this dynamic sector and make news. Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and quantify the innovation that is at the cutting edge of this new world.
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