The offering also enables disbursements as an electronic check through an automated clearinghouse (ACH) transaction, or to a branded prepaid card, said the payment service provider.
Obopay vice president of product marketing David Schwartz said that the company caters a wide range of disbursement and bulk payment solutions in the industry; enabling companies that need to issue high volumes of payments to disburse funds with speed, efficiency, security and scale.
"Instant disbursements allow our partners to take advantage of real-time interbank payments across payment networks, through our debit network connections. Our disbursement offering also takes advantage of our deep experience as a prepaid card program manager for leading brands," Schwartz added.
The new tool will help the firms’ to reduce their operating expenses by converting physical checks and cash into digital payments, and it will also eradicate the high cost associated with issuing paper checks, which may be $6 to $15 per check, according to the US Treasury Department.
The solution also provides real-time balance and consolidated transaction reporting for easy reconciliation of each transaction type.
Obopay Disbursements assists firms’ to provide faster funding and expanded payment options, providing payees with unprecedented choice and speed in how they receive funds, enabling them to improve their customer satisfaction.
