SEPTEMBER 2017 Disbursements - Ingo Money...

FOR BEAUTY PROFESSIONALS,

STEADY CASH FLOW

IS ALWAYS IN STYLE

How disbursement solutions are giving the beauty business a payments makeover – Page 6 (Feature Story)

TransferWise’s new “Borderless” service enables 3 million Canadians living abroad to send money across borders – 5 (News and Trends)

The top players in the disbursement ecosystem – Page 23 (Provider Directory)

DisbursementsSEPTEMBER 2017

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Table of Contents

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What’s InsideHow global developments in payment technology are introducing new avenues for businesses and consumers to send money to one another.

Deep Dive A data-rich look at the role remote check deposit has played in expediting the decline of the paper check payment option.

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 Dan Chandre, senior vice president and general manager of integrated payments for business management software provider Booker, on how the service is providing new resources to independent contractors in the beauty business — and helping spa and grooming establishments gain quicker access to funds.

News and Trends The latest news and headlines on how disbursement solutions are impacting money transfer services, alternative lending platforms, corporate travel, employee benefits and more.

Provider Directory The top companies in the space based on the services they provide, from networks to enabling platforms and 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.


What’s Inside

Thanks to partnerships and collaborations by several notable payment companies, the paper check is getting pushed even closer to the brink of

irrelevance in markets around the globe.

In the African region, for starters, recent developments could significantly reduce the role of physical payment methods in local commerce and give mobile payments a sizable boost. Mobile payment solution provider TerraPay announced it will work with money transfer firm Instant Cash to facilitate cross-border money transfers to mobile wallet consumers in Nigeria, Tanzania and Uganda. The goal of the service, the companies said, is to help migrant populations in those countries gain access to real-time payments and remittance services.

Another partnership could lead to the creation of one of the largest alternative lending companies in the U.S. and further erode the paper check’s role in financial lending operations. Two big-name players in the market, automated investment tool LendingRobot and peer-to-peer (P2P) investment manager NSR Invest, recently merged to offer an independent advisory platform for the alternative lending space. The two firms will join their resources,

“It’s only a matter of time until the very last check on earth is written. Most of the true obstacles have already been cleared on the path to eliminating this outdated payment instrument. No more technology hurdles remain, the regulatory path has been cleared and check issuers now understand the business case for embracing push payment technologies.

At the same time, we’re seeing a growing crescendo of interest from a wide range of consumer groups. What began as demand from ‘just in time’ consumers to help manage income volatility has grown to include gig economy workers, millennials, SMBs and people from all walks of life.

Today, we’re watching the water circle the drain. All the quantitative and qualitative data backs this up, and [that] means it’s not a question of ‘if’ but rather ‘when’.”

DREW EDWARDS, CEO of Ingo Money

The check is dying, but isn’t dead yet. What is the biggest obstacle to the

#KillTheCheck movement?

Executive Insight

https://www.terrapay.com/index.php/2017/08/22/press-release-terrapay-and-instant-cash-team-up-to-launch-global-cross-border-money-transfers-to-mobile-wallets/


http://www.prnewswire.com/news-releases/nsr-invest-and-lendingrobot-merge-to-become-the-largest-robo-advisor-in-the-alternative-lending-space-300502466.html

https://www.ingomoney.com/


What’s Inside

including investment algorithms, machine learning and blockchain technologies, to provide investment returns to roughly 8,000 clients.

While there have been several developments that have deliberately helped put the paper check on its death bed, at least one recent technological solution may have been an unwitting accomplice. This month’s Deep Dive (pg. 11) dissects the rise of remote check deposit technology and the role the tool is playing in speeding up both payment innovation and the paper check’s decline.

Here’s a quick snapshot of recent news from around the disbursements landscape: In India, several companies rolled out solutions to improve how businesses and employees receive their money and benefits. First, in the world of corporate travel, MakeMyTrip launched a new solution to help small- and medium-sized businesses (SMBs) book business trips, complete paperless reimbursement forms and streamline the process for Indian SMBs to claim goods and services credits. Meanwhile, another solution from Indian bank IDFC and tax saving solutions startup Zeta will help digitize employee benefits, enabling employees to be reimbursed for work-related expenses through prepaid cards.

In Europe, yet another big bank has partnered with Apple to reinvent the banking experience and make it easier to use P2P services to send money using Apple’s virtual assistant, Siri. In the U.K., high street bank Barclays customers can use Siri to send money to contacts using voice commands. Users access Siri in the Barclays app and ask the system to send money to a friend or family member, then authenticate the transaction using TouchID.

In other global markets, companies rolled out efforts to offer greater transparency in the currency rate shopping experience, making it easier to send money across borders. A new tool from FinTech startup Moneytis, for

example, takes its cues from travel aggregator sites like Expedia. The solution provides users a platform on which to compare foreign currency exchange rates offered by the likes of TransferWise, MoneyGram and Western Union.

For a roundup of all the latest headlines in the disbursements space, check out the Tracker’s News and Trends section (p. 15).

New disbursement services get to the root of payment frictions for salon workers and ownersSome consumers will go to great lengths to find the perfect hairstylist, ensuring they get the exact cuts and treatments about which they’ve been dreaming. But what avenues does the stylist, who might be a gig worker instead of a salon employee, use to cut down the time and friction involved in getting paid for his or her work? In this month’s Tracker feature story (p. 6), Dan Chandre, senior vice president and general manager of integrated payments for business management software provider Booker, discusses how the company’s solutions aim to help contractual beauty workers get paid quickly for their services and salon owners collect fees for no-show appointments — giving both easier access to cash flow.

September Tracker updatesEach month, the Tracker highlights leading disbursements space players in the provider directory. For September, we’ve compiled more than 60 providers offering services related to payment networks, payment methods, settlements, enabling platforms, point solutions and use segments. New providers in this issue include Abra, ADP, Allstate, EML Payments, Freelancer, Ledge, Netspend, Pockit, Skrill and Upstart.

http://www.pymnts.com/news/b2b-payments/2017/makemytrip-india-smb-business-travel/

http://www.newsroom.barclays.com/r/3506/money_talks

http://www.pymnts.com/digital-payments/2017/moneytis-makes-sending-money-easy/

https://www.booker.com/


Five Fast Facts

of survey respondents say acceptance is the biggest hurdle to broader adoption of virtual payment cards.

of surveyed consumers get paid via electronic direct deposit, indicating a growing comfort with paperless transactions.

of respondents believe payment processing companies, not startups, will disrupt the payment markets in the next year or two.

of U.K. consumers say fraud and identity theft are major concerns when using P2P loan services.

of U.K. consumers have used a P2P lending service to borrow money in the past year.

39%

51%

43%

7%

52%

http://www.pymnts.com/news/b2b-payments/2017/virtual-card-corporate-travel-poll/

http://www.pymnts.com/news/b2b-payments/2017/virtual-card-corporate-travel-poll/

http://www.pymnts.com/news/b2b-payments/2017/b2c-payments-technology-b2b-predictions/




http://www.pymnts.com/news/payment-methods/2017/wex-new-survey-shows-most-have-electronic-payment-solutions-in-the-works/




http://www.pymnts.com/consumer-finance/2017/peer-to-peer-lending-uk-banks/





FOR BEAUTY PROFESSIONALS, STEADY CASH FLOW IS ALWAYS IN STYLE


The beauty industry can be a real beast, especially when it comes to getting paid for services. That’s because for beauty professionals, getting paid can be less of a walk in the park and more of a trek through an untamed jungle fraught with uncertainty. The overwhelming majority of beauty professionals are self-employed, not on an establishment’s payroll. When it comes to managing their time and collecting payments, these workers are on their own. And, if a customer does not show up for an appointment, beauty professionals could be left in a tight financial spot.

According to the most recent statistics from the Professional Beauty Association (PBA), a trade organization representing salons, spa establishments and beauty professionals, there are 1.2 million such businesses and self-employed professionals in the U.S. —

professionals who offer a variety of beauty treatments and services. In its latest economic snapshot of the industry, PBA reported these establishments generate $50 billion in annual sales.

Several software providers offer solutions for establishment owners or self-employed professionals to help them accept reservations and payments, issue appointment reminders, manage employees and maintain relationships with customers. Notable names in the booking software industry including MINDBODY for health and wellness, FareHarbor for tours and activities and RMS Hotel and Hotelogix for hotel management and reservations, among others.

While there are more than 1 million beauty industry employees in the U.S., most of these professionals are contractors and not in a payroll system. For self-employed professionals, that means flying solo when it comes to

What we also hope to do is, as a partner for merchants, educate [them] on why they should be

very strict with their no-show policy. “

”

Feature Story

https://probeauty.org/docs/advocacy/2016_Economic_Snapshot_of_the_Salon_Industry.pdf


getting paid. Fortunately, new payment tools are being released that can help these workers manage time and tame the beast of uncertain payments.

Software provider Booker offers services that help both establishments and self-employed professionals in the health and beauty industry to accept payments and make reservations. The solution offers a service for both beauty contractors and the small- and mid-sized businesses (SMBs) that lease space to them. Dan Chandre, Booker’s senior vice president and general manager of integrated payments, recently spoke with PYMNTS about giving beauty professionals the tools to maintain a steady cash flow and how the company’s services ease the out-of-pocket pain of no-show appointments.

Beauty and the contractorAccording to the most recent statistics from the PBA, the 1 million people working in the beauty industry include stylists, hairdressers, barbers and other beauty professionals.

While these workers can be found at certain beauty salons and barbershops, chances are they are not employed by those establishments. Instead, there’s a greater probability they are renting a station at the business from the business owner. PBA reports approximately one-third (31 percent) of these beauty workers are self-employed.

Broken down by field, barbers can boast their profession

Feature Story

It’s very difficult to align the day you need to get paid with the day

you need to make payments.

“There is a difficulty in the industry of connecting what we call ‘online-to-offline commerce.’ A lot of development of commerce as it relates to new payment methods like Amazon Pay to PayPal to new payment integrators like Stripe — almost all of that is related to eCommerce. It’s about better ways to interact with businesses through their websites to procure things and have those things either shipped or consumed in a digital fashion.

The world we live in, and the world that 10 million small businesses live in, is that the online experience is a discovery experience. Consumers go online to find where to go. A very common example of that is a restaurant. You go online to find where to go. What you need to be able to do is find that restaurant online, and perhaps view a menu or make a reservation. We can translate that to other experiences like needing to get a pet groomed, or going online to reserve a plumber to come to my house, or going online to reserve a car repair — anything where a service is delivered in person but discovery and desire to schedule is done online.

That’s a disconnected environment today, and one that has a ton of opportunity for the future. Through the process of booking, hopefully the business can obtain enough information about customers so that the experience when they’re under

the roof of the store is better. Perhaps customers can register their method of payment and create a profile so

that when they show up the store — to get their oil changed or haircut or whatever it is — once they’re

all done, they can just walk out.”

DAN CHANDRE, senior vice president

and general manager of integrated payments, Booker

How can reservation systems change the ways for which services are paid?

under the hood


https://probeauty.org/docs/advocacy/2016_Economic_Snapshot_of_the_Salon_Industry.pdf



has the highest rate of self-employment (37 percent). Not far behind are professionals who work as hairdressers, hairstylists and cosmetologists (36 percent). Other beauty professionals, including makeup artists, manicurists, pedicurists, shampooers and skin care specialists have a 17 percent self-employment rate, based on PBA’s findings.

While straightening out and untangling a client’s hair is all in a day’s work for many professionals in the beauty industry, being forced to do the same for payments for their services can be frustrating, like trying to give a perm to a customer with a comb-over.

That’s where Booker’s services come into play, Chandre said. The company offers an app for beauty contractors leasing space from salons, enabling them to accept and process credit card payments so as not to rely on cash or check payments from their clients. Chandre said the Booker system can also help contractors manage their schedules or connect with clients, and offers pre-negotiated rates with credit card companies.

Most importantly, Chandre said, the services expedite merchants’ ability to access a steady cash flow, which can have far-reaching benefits.

“Access to funds immediately is a huge advantage,” Chandre said. “It changes the way [merchants] go about

their business, their budgeting and deployment of funds.”

With the service in place, Chandre said, beauty professionals can gain access to their funds within 24 hours, enabling them to be less concerned about collecting payments and avoiding “creative budgeting” to hold them over while waiting for payments to arrive.

“It’s very difficult to align the day you need to get paid with the day you need to make payments,” he said.

A no-show makeover?Last-minute cancellations and no-shows are an inherent piece of the beauty business that, when added up, can really cut into a professional’s bottom line.

Time itself is one of a industry’s most important resources, Chandre said, which is why a no-show or cancelled appointment can be costly to a beauty professional. While the reason for a customer failing to appear may be harmless — a bout of forgetfulness, for example — when a merchant loses his or her time, he or she also loses revenue.

“No-shows are the back-breaker of this industry,” Chandre explained.

Booker’s tools are aimed at reducing the pain of a no-show customer by making it easier for beauty professionals to recapture some of the revenue lost to them, Chandre said. Booker offers professionals the ability to obtain a

Feature Story

We are advocates of helping those merchants obtain

payment information to hold reservations.


customer’s payment information to hold a reservation.

The system notifies a customer of the cancellation policy of either the professional or the beauty establishment during the appointment booking process. Once enough time passes at the time of the scheduled appointment, and the beauty professional suspects a customer is a no-show, he or she can take action.

“We are advocates of helping those merchants obtain payment information to hold reservations,” Chandre said. “As soon as the merchant feels like there’s a no-show occurring, he or she clicks ‘It’s a no-show’ [in the platform] and the credit card is charged immediately.”

Chandre added that the no-show charge hits the processing batch the same evening and the funds are usually available to the merchant the following day, meaning cash flow is not interrupted.

If you charge them, will the no-show come back?While Booker is designed to help professionals manage reservations and collect fees for no-shows and cancellations, Chandre noted many beauty professionals and businesses are reluctant to penalize customers, despite the lost revenue.

“The unfortunate reality is a lot of merchants don’t enforce their no-show policy for fear of losing a customer,” he said.

Chandre said Booker works with professionals to educate them about the true cost of their wasted time in terms of lost revenue, but acknowledges it will be challenging to get the beauty industry to change its lax enforcement of no-show fees. The purpose of Booker’s education efforts is to convince merchants that letting no-show appointments off the hook too easily could lead to financial hardships for these professionals and their bottom lines.

“We have the technology solution for no-shows,” Chandre said. “What we also hope to do is, as a partner for merchants, educate [them] on why they should be very strict with their no-show policy.”

The shift in attitude might take some time. But, when beauty professionals are ready to take a firm hand with customers, Chandre believes Booker has given the industry a tool to help tame the payments beast — and free up beauty professionals to spend more time taming their customers’ out-of-control manes.

Feature Story

The unfortunate reality is a lot of merchants don’t enforce their no-show policy

for fear of losing a customer.


The best murder mysteries have a collection of interesting suspects (we’ve always got our eye on Colonel Mustard and his swift candlestick). But,

in our developing #KillTheCheck plot — one that hasn’t fully come to fruition (shredition?) yet — who would have thought remote checking deposit technology could potentially wind up as a key culprit?

When the technology was initially released, it appeared to offer bank customers a more efficient way to deposit paper checks. Users could enlist the help of desktop tools and mobile apps to capture check images and make the deposit remotely, all without having to visit a branch or ATM. But, over the years, a strange development has occurred: Remote deposit technology actually appears to be contributing to the demise of the paper check.

History of remote checking depositFor a greater understanding of how remote check deposit technology gained the clout to help accelerate the check’s decline, first a bit of history.

Remote check deposit technology became legal as a result of the Check Clearing for the 21st Century Act, or

the Check 21 Act, which was passed into law in 2003 and became effective in October 2004. The passage of Check 21 allowed banks to handle checks electronically, as digital images alleviated FIs of the burdens that come with handling paper checks.

Some of those burdens, as outlined by the Federal Reserve, include the transportation checks can require. In the past, the Fed noted, banks were often required to move paper checks from the location where they were deposited to the banks that pay them, a process which is both time-consuming and costly. The Fed noted a check deposited in a bank often travels over the course of one to two days via airplane and truck to the paying bank.

With Check 21 in effect, banks could process checks electronically, saving time and money. On the customer side, instead of having physical copies of checks mailed back to them, customers received digital images of their cancelled checks with their account statements. The technology also saved businesses money because they did not need to send employees or couriers to banks to deposit the checks, reducing the likelihood of a clerical mistake or of a check getting lost in the mail or in transit.

Deep Dive

REMOTE CHECK DEPOSIT

http://www.pymnts.com/news/payment-methods/2017/ingo-money-and-the-kill-the-paper-check-push-payment-drew-edwards/

https://www.fdic.gov/consumers/assistance/protection/check21.html


Opportunities for growthWhile remote deposit technology was meant to make check deposits simpler, faster and more efficient, the technology’s adoption over time has been rather slow. Beginning in 2012, however, the technology has since seen a dramatic uptick in adoption, according to a recent report from financial services firm Celent. In the last two years alone, more than 2,600 U.S.-based financial institutions have adopted remote deposit technology, making it available to roughly 80 million end-users.

While the technology is rapidly being adopted across the board, it seemingly still has a long way to go. Since the passage of Check 21 Act in 2004, six out of 10 U.S. consumers have yet to try using their mobile devices to depositing checks, according to findings from mobile capture and ID verification solutions provider Mitek Systems. The slow adoption points to both a declining consumer interest in using checks as a payment option and consumers’ general discomfort with using the technology.

Mitek’s research also indicates only 20 percent of all bank customers with an online connection are regular users of remote deposit technology, specifically mobile deposit. With paper checks still commonly used in commerce, banks need to work on improving customers’ experience to increase activity in remote check deposit technology.

As it turns out, one of the roadblocks to advancing mobile deposit technology is the physical nature of checks. Some

banks continue to request customers to hold on to copies of their paper checks for up to 30 days after making a mobile check deposit. This requirement, Mitek said, sows distrust in the technology. Bank customers often conclude using remote deposit systems is not safe because they can’t immediately shred or tear up their checks once the deposit is completed.

The decline of checks in paymentsThe slow adoption of remote deposit technology appears to indicate customers are growing weary of having to deal with physical checks, especially considering their electronic counterparts — like mobile payments, payment cards, real-time transfers and others — are simpler to use.

As a result, banks aren’t necessarily in a rush to improve the customer experience for remote check deposit technology. Recent research from the Federal Reserve points to declining usage of checks. Strangely enough, though, while the Check 21 Act opened up new opportunities for how individuals and businesses could receive money and how banks could process funds, it appears the ability to process checks electronically through remote deposit technology has called the check’s relevance as a payment option entirely into question.

In its 2016 Federal Reserve Payment Study, the Fed noted that since the passage of Check 21, almost all check

Deep Dive

6 out of 10 U.S. Consumers

have yet to try using their mobile devices to depositing checks

https://www.celent.com/insights/185277546

https://www.federalreserve.gov/paymentsystems/files/2016-payments-study-20161222.pdf


Deep Dive

payments have become electronically processed. The Fed report also noted that while checks are taken out of the check clearing process and converted to ACH payments, the practice has not increased since electronic check processing became available.

The Fed study also found usage of the check dropped during the period between 2012 and 2015. Some 19.4 billion paper checks amounting to $27.34 trillion were written in 2015. This figure represents a drop of 3.1 billion checks written and decline of $0.49 trillion in value since 2012, or an annual decrease of 4.8 percent for number of checks written and a 0.6 percent drop in total value of collective checks from 2012 to 2015. However, the average value of checks also reportedly increased during this timeframe, growing from $1,239 in 2012 to $1,410 in 2015. Based on the Fed’s insights, the paper check’s role in commerce appears to be on a steady decline and reserved for larger expenses, such as monthly property rent payments.

The Fed report provided perspective on just how far the check has fallen in such a short period of time. A decade ago, the paper check was the dominant form of noncash payment in the U.S. Since 2007, however, the paper check has lost its crown to other noncash rivals, including debit and credit cards and ACH payments.

Meanwhile, 69.5 billion debit card payments and 33.8 billion credit card payments were made in 2015, though the Fed noted checks still took the lead in the total value of these payments. Whereas, the combined total for both debit and credit card payments was $5.72 trillion. The Fed’s research could point to an advantage checks still have over payment cards: For larger scale transactions, businesses and consumers appear more likely to use checks than credit or debit cards.

Remote deposit technology’s impactThe Fed reported the number of paper checks used for payment transactions has been dropping since the mid-1990s, as electronic payment tools grew more prevalent in the payment industry.

But it also noted these tools’ impact on check-processing systems have had a significant effect on the infrastructure for national reserve banks. Since the Check 21 Act eliminated barriers around the electronic collection of checks, this is now the primary method for check collection.

As a result, the U.S. Reserve Banks have consolidated their national check-processing infrastructure into a single location nationwide as of 2010, down from 45 locations in 2003. While this does not necessarily put the blame for the check’s demise on remote deposit technology’s metaphorical feet, it does indicate that the technology has

$5.72 Trillion

Combined debit and credit card payments in 2016


helped speed the paper checks’ decline by highlighting the greater potential of processing electronic images instead of physical copies.

Of course, there are ways that remote deposit capture can make paper checks’ last days more comfortable. A recent Forrester study, commissioned by Ingo Money, examined one top bank’s experience with offering instant check cashing as a new service — and uncovered some surprising results.

Over a multi-year examination of metrics, the study found the bank’s use of the Ingo Money instant check cashing and remote deposit capture capabilities helped grow revenue and open new bank accounts. The reason? Speed. The company’s mobile app can quickly assess the risk of each check and, if approved, instantly push funds into a consumer’s accounts. This ensures consumers

receive instant, safe-to-spend funds with no need to hang on to physical copies of their paper checks.

Forrester concluded that instant check cashing as an option in the mobile app helped the bank attract new customers — including millennials, SMBs, mass affluents and “just in time” customers — individuals who annually open between 20,000 and 30,000 new accounts and add more than $45 million in new revenue.

Overall, the availability of remote deposit checking has made it easier for customers and businesses to deposit checks with greater ease and convenience. At the same time, however, the technology has also managed to chip away at the relevance of the paper check itself by inviting a faster method for payments to be processed electronically. The plot to #KillTheCheck may not yet have succeeded, but in sorting through the clues, it appears that remote deposit technology is, at the very least, an unwitting accomplice.


News and Trends

India gives corporate life an upgradeGo ahead, MakeMyTripIn India, online travel solutions provider MakeMyTrip is getting into B2B payments services. The company recently launched a new solution to help SMBs book business trips, a service called MMT MyBusiness. The solution offers SMBs paperless travel reimbursement forms, analytics tools and controls allowing employees to book their own travel.

MakeMyTrip co-founder and CEO Rajesh Magow said the solution will help SMBs remain compliant under goods and services tax (GST) rules, as well as streamline the process by which SMBs can claim GST credits. Tax details can be passed automatically to suppliers like hoteliers. Taxes are incorporated into eInvoices that are then uploaded and reconciled against corporates’ GST accounts.

The news comes as the corporate travel market in India is showing a rise in activity. In July, corporate travel services provider Air Travel Bureau was acquired by Yatra Online, India’s second largest online travel operator, for 15 billion INR (roughly $234.5 million USD).

IDFC Bank, Zeta launch digital employee spend solutionCorporate travel is not the only market in India receiving a first-class upgrade. Indian bank IDFC recently announced plans to launch IDFC Bank Benefits to help digitize employee expenses and benefits and deliver them through a payment card.

IDFC Bank will partner with Zeta, a tax saving solutions startup offering digital employee benefit solutions. Zeta enables businesses in India to manage allowances and reimbursements to their employees which can then be disbursed through prepaid cards. The Zeta platform is accessible via a mobile app or an online dashboard, providing insights into spending and balances on benefits cards which can also be used to submit claims. Both companies said the digital payments solution can be used for medical, meal, fuel and other types of business-related expenses.

According to a news release outlining the details of the partnership, the Zeta app can be used to designate individuals for whom purchases are being made. It also enables tagging to corresponding expenses that can be submitted through the app, eliminating the need for paperwork.

http://www.pymnts.com/news/b2b-payments/2017/makemytrip-india-smb-business-travel/

https://www.yatra.com/investor/yt-atb-acquisition

http://www.pymnts.com/news/b2b-payments/2017/idfc-bank-zeta-pair-on-corporate-payments-in-india/

http://www.idfcbank.com/content/dam/IDFC/media-room/press-release/Press-Release-IDFC-Bank-partners-Zeta-Aug-9-2017.pdf


Real-Time Payments DevelopmentsFiserv acquires Dovetail Group to overhaul global payments infrastructure In a bid to reinvent worldwide payment systems, financial services technology solutions provider Fiserv recently announced the acquisition of banking and liquidity management company Dovetail Group Limited. Fiserv intends to use the purchase of Dovetail to help global financial institutions strengthen their payments infrastructure.

According to a news release, Fiserv intends to merge Dovetail’s real-time payments platform, modular services and configurable business processing rules with its own payment capabilities, enabling global FIs to unify discrete solutions into a fully-integrated payments infrastructure. By enhancing the Dovetail platform, Fiserv will offer these institutions data-driven payment processing and the flexibility to integrate new payment types as they emerge.

The acquisition could change how institutions around the globe deliver real-time payments. In Europe, for example, the acquisition puts Fiserv in a strong position to support the region’s FIs with legacy system replacement. It will also be used to help Fiserv clients leverage networks like the U.K.’s Faster Payments Scheme or SCT Inst to offer real-time payments. Meanwhile, in the U.S., the acquisition

will help Fiserv advance its PEP+ ACH processing solution. It will also boost a comprehensive real-time payments offering with integration into the NOWSM Network for payments and transfers, the Turnkey Service for Zelle and The Clearing House Real-Time Payments scheme.

SWIFT to bring instant payments to the U.S.The SWIFT payments network unveiled another real-time payment development. It recently announced the launch of a new gateway to The Clearing House’s real-time payments (RTP) platform aimed at supporting U.S. institutions. The new gateway will enable SWIFT to offer an interface to manage the necessary requirements of sending and receiving domestic instant payment transactions on behalf of customers.

According to a new release from SWIFT, TCH is developing a new clearing and settlement system to support domestic instant payments in the U.S. The solution will be commercially viable in 2018 and will enable consumers and businesses to send and receive payments in real-time, directly from their accounts at financial institutions. It will also include data and non-payment messages FIs can use to build digital commerce solutions.

With SWIFT’s solution in place, U.S. banks will be able to access the platform through a single touch point: the Alliance Messaging Hub (AMH) for both SWIFT high-value payments and low-value TCH real-time payments.

In the same release, SWIFT described AMH as an orchestration layer that includes a gateway to the TCH RTP platform as well as other gateways and APIs. It allows FIs to connect to other non-SWIFT networks.

Federal Reserve names new payments strategy directorMeanwhile, the U.S. government recently announced its choice to improve and implement the Federal Reserve’s faster payments strategy. In late August, the Fed announced Dave Sapenaro would be the agency’s new strategy director, assuming the post from the retiring

News and Trends

http://www.pymnts.com/news/partnerships-acquisitions/2017/fiserv-acquires-dovetail-reinvent-payments-infrastructure/

http://www.businesswire.com/news/home/20170821005404/en/Fiserv-Moves-Reinvent-Payments-Infrastructure-Acquisition-Dovetail

http://www.pymnts.com/news/faster-payments/2017/swift-is-bringing-instant-payments-to-the-u-s/

https://www.swift.com/news-events/press-releases/swift-to-facilitate-instant-payments-in-the-u_s_

http://www.pymnts.com/news/b2b-payments/2017/federal-reserve-payment-strategy-director/

https://www.federalreserve.gov/newsevents/pressreleases/other20170824a.htm


Gordon Werkema. Sapenaro previously served as vice president and chief operating officer at the Federal Reserve Bank of St. Louis.

In assuming the role, Sapenaro will lead the Fed’s efforts as outlined in a paper titled “Strategies for Improving the U.S. Payment System” published in early 2015. Sapenaro played a prominent role in developing the strategies outlined in the paper. The report recommended a market-driven, industry-led approach to establishing a framework for the U.S. faster payment system to offer secure and reliable, real-time, data-rich payments to consumers, businesses and other recipients. The new position also means Sapenaro will work to help the Federal Reserve establish and execute its faster payments strategy, as well as initiatives around payments security and stakeholder engagement. The position will require him to collaborate with financial services business leaders already collaborating with the Fed on these efforts.

New Cross-Border Transfer ToolsMoneytis aims to bring Expedia-like ease to money transfersFinTech startup Moneytis is taking a page out of the travel aggregator business playbook to reinvent the money transfer market. Moneytis offers a comparison platform

for foreign currency exchange that compares the rates of available services, like how Booking.com and Expedia compare the rates of hotels and flights.

Moneytis shows users foreign exchange rates from TransferWise, MoneyGram, Western Union and traditional banks, and sorts the rates according to which are the fastest, cheapest and most popular services, among other criteria. Moneytis generates revenue by taking a small cut from the third-party services for which it generates foreign exchange services leads. A recent TechCruch story indicates clients are sending $2,000 on average, with Moneytis taking 0.3 percent. Moneytis co-founder and CFO Christophe Lassuyt told the site his own experience as an expat in China and his surprise at hidden fees prompted him to develop the service.

TransferWise crosses borders to launch in CanadaAnother money transfer service is expanding its reach from Europe to North America. TransferWise, a U.K.-based cross-border transfer services provider, recently announced the launch of its “Borderless” bank account in Canada. Founded in 2011, TransferWise offers customers a P2P international money transfer platform to deliver funds. Since its founding, its customer base has grown to exceed 1 million users and its platform has moved nearly $1 billion CAD each month.

The new service will enable 3 million Canadians living abroad and roughly 7 million expats living in Canada to send Canadian dollars to 60 countries in 35 currencies using the TranferWise platform. The money transfer platform is based on a P2P model, offering users access to a mid-market exchange rate and enabling Canadian consumers to avoid traditional banking fees when transferring money abroad.

TerraPay, Instant Cash join forces to offer cross-border money transfersOther money transfer services were recently introduced in several African markets. Mobile payment solutions provider TerraPay announced a partnership with money

News and Trends

http://www.pymnts.com/news/b2b-payments/2017/federal-reserve-corporate-ach-check-payments/

https://fasterpaymentstaskforce.org/wp-content/uploads/faster-payments-task-force-final-report-part-two.pdf

http://www.pymnts.com/news/payment-methods/2016/the-feds-faster-payments-progress-report/



https://techcrunch.com/2017/08/12/moneytis-is-like-a-travel-fare-aggregator-but-for-sending-money-abroad/

https://techcrunch.com/2017/08/12/moneytis-is-like-a-travel-fare-aggregator-but-for-sending-money-abroad/

https://www.finextra.com/pressarticle/64022/transferwise-launches-in-canada?utm_source=Triggermail&utm_medium=email&utm_campaign=Post%20Blast%20%28bii-payments%29:%20Bank%20of%20America%27s%20e-commerce%20push%20%E2%80%94%20Federal%20Reserve%20gov

http://www.prnewswire.com/news-releases/terrapay-and-instant-cash-team-up-to-launch-global-cross-border-money-transfers-to-mobile-wallets-641376373.html


transfer company Instant Cash to enable real-time, cross-border money transfers to mobile wallets in Nigeria, Tanzania and Uganda, according to a news release from TerraPay. The partnership will be powered by TerraPay's global clearing and settlement service for mobile wallets and is aimed at making money transfers easier for migrants in those countries, according to the release.

In Nigeria, migrants can send money to any mobile number as well as bank accounts, the news release reported. Additionally, in Tanzania, migrants will be able to send remittances directly to the Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets. In Uganda, friends and families of migrants can receive money in their MTN and Airtel Money wallets. According to the release, the service will eventually expand to other African markets where high adoption of mobile wallet solutions is high.

nanopay aims to bring speed, security to cross-border digital paymentsAnother company has been working on a solution to ease common frictions associated with cross-border B2B payment solutions. Payment firm nanopay offers a payment platform that facilitates B2B payment solutions and offers real-time tracking for logistics companies. In a recent interview with PYMNTS, nanopay founder and CEO Laurence Cooke explained the company uses cryptography

to secure payments, allowing for faster, more secure transactions with the ability to achieve greater scale.

Cooke also told PYMNTS his company is planning to launch additional solutions in the future. nanopay, Cooke added, is looking to expand its cross-border payments solution from one corridor to multiple corridors in the future. The FinTech firm recently placed its B2B platform in closed-use trials with the intention of eventual further expansion.

New Banking ServicesOCBC launches Android keyboard for P2P paymentsIn Singapore, OCBC Bank recently rolled out an Android-based keyboard, enabling users to make P2P payments from certain mobile apps or a mobile browser. Consumers download the keyboard app and, once it’s set up, tap on the OCBC Pay Anyone tab from within social media apps like Facebook, Instagram or WhatsApp, among other services. Users find a recipient from their contact lists, are guided through the transfer service within the keyboard and then continue to use the app they were using pre-payment.

In a statement announcing the service, Aditya Gupta, head of eBusiness for OCBC Singapore, said the service will “exponentially increase the adoption and usage of ePayments, including PayNow transfers.” A previous banking innovation from OCBC enabled voice transactions using Apple’s virtual assistant Siri and in-app with iMessage.

‘Siri, send £150 to my mate’A British FI is also turning to Siri to enable P2P payments. U.K. bank Barclays now allows users to send money to friends and family using the voice-activated virtual assistant. A release from Barclays said customers won’t need to open the app to make transfers and can instead ask Siri to pay a contact, then authenticate the transaction using TouchID fingerprint biometric instead of a passcode.

According to the same release, the technology will offer

News and Trends


http://www.pymnts.com/startup-check-in/2017/nanopay-security-cross-border-payments/

http://www.pymnts.com/news/payment-methods/2017/ocbc-android-p2p-payments/

http://www.pymnts.com/news/payment-methods/2017/ocbc-android-p2p-payments/

https://www.finextra.com/newsarticle/31006/ocbc-keyboard-lets-customers-make-p2p-payments-without-leaving-messaging-apps

http://www.pymnts.com/news/payment-methods/2016/ocbc-enables-voice-transactions-via-siri/

https://bankinnovation.net/2017/08/barclays-bank-launches-pay-with-siri/

https://bankinnovation.net/2017/08/barclays-bank-launches-pay-with-siri/




News and Trends

customers a hands-free way to send money, promising to make banking easier, faster and more secure for all customers, including those with additional needs, such as mobility or dexterity challenges. By offering the service, Barclays is the first high street U.K. bank to allow payments using Apple’s virtual assistant — and one of the latest global banks to use Apple’s technology to innovate banking services.

LendingRobot, NSR Invest merge to form robo advisor giantMeanwhile, a partnership in the emerging robo-investment market could significantly expand the the reach of the technology. P2P investment firms NSR Invest and LendingRobot, two of the bigger players in the alternative

lending space, recently announced they had merged to create an independent advisory platform for alternative lending. In the merger, NSR Invest’s parent company, Lend Core, acquired Algorithmic, Inc. and all its assets, including the LendingRobot website and technology. According to the company’s website, LendingRobot’s clients represent more than $120,000,000 invested using P2P lending.

In the marriage of the companies, the two sides will blend their knowledge and experience of the peer lending market, including investment algorithms, machine learning and blockchain technologies.

A news release announcing the merger indicated the websites and investment platforms of both NSR Invest and LendingRobot will continue to operate separately, at least in the short term. In the immediate future, the merged company will devote its resources to its LendingRobot Series, an alternative lending robo-fund enabling investors to achieve immediate diversification and enhanced liquidity across the leading real estate, small business and consumer lending platforms. The fund’s legal structure adapts itself to each investor's specific needs, giving each investor the ability to invest according to his or her specific duration and risk tolerance.


https://www.lendingrobot.com/#/



Disbursements Ecosystem Framework

PlatformsEnabling

USE CASES

CONSUMER

Governments Corporates Merchants LENDERS Insurers Law FirmsI sIndividuals Marketplaces

PAYROLL Promotions Reimbursements SETTLEMENTS BENEFITS

Cash Credit Card Debit Card Pre Paid CardA dACH

POINT SOLUTIONS

P AYMENT METHODCashDebit CardCredit CardPre Paid CardBank-to-BankDigital WalletPRIVATE LABEL

Settlement

INSTANT

SAME DAY

NEXT DAY

LATER

Payment Networks


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:

Enti

ties

That

Mak

e Dis

burs

emen

ts

MARKETPLACES

INDIVIDUALS

LAW FIRMS

GOVERMENTS

INSURERS

MERCHANTS

Lenders

CORPORATES

PAYROLL Promotions Reimbursements SETTLEMENTS BENEFITS

TYPES OF DISBURSEMENTS

FREELANCER PAYMENTS

EMPLOYEE TRAVEL

EXPENSES

PENSION

FREELANCER PAYMENTS

FRIEND

EMPLOYEE FEDERAL, STATE,

LOCAL TAX

PENSION, ASSISTANCE,

EMERGENCY FUNDS

FREELANCER PAYMENTS

EMPLOYEE

LITIGATION

FREELANCER PAYMENTS

EMPLOYEE POLICY

REFUND

CLAIMS

FREELANCER PAYMENTS

EMPLOYEE

FREELANCER PAYMENTS

EMPLOYEE

LOANS

TEMP LABOR

EMPLOYEE, CUSTOMER

PROMOTION

RETURNED MERCHANDISE




NETWORKS

POINT SOLUTIONS

ENABLING PLATFORMS


v e r t i c a l s

GOVERNMENT InsurersMerchants PeopleCorporates Law FirmsLenders Marketplace


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If you would like your company to be considered for inclusion in the Tracker’s Provider Directory or wish to have an existing listing reconsidered for an

update, please head over to our profile submission/update page. – Networks

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

Transact24

http://www.pymnts.com/digital-disbursement-tracker-form/

https://www.americanexpress.com/serve/


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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.

Interac

Instantly

Digital payments, debit payments, fund transfers

Interac


https://www.discovernetwork.com/

http://interac.ca/en/


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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.

Mastercard Send

Instantly

Funds disbursements, P2P payments, cross-border payments, corporate cards

Mastercard Send

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.

NACHA/ACH

Instantly

Direct deposit, direct payment transaction

NACHA/ACH


https://www.mastercard.us/en-us/issuers/products-and-solutions/customer-needs/consumer-solutions/mastercardsend.html

https://www.nacha.org/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.

SHAZAM

Instantly

ACH, P2P payments

SHAZAM


http://www.nyce.net/

https://www.shazam.net/


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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

Instantly

Funds disbursements, P2P payments, credit cards

Visa Direct


https://usa.visa.com/partner-with-us/payment-technology/visa-direct.html


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update, please head over to our profile submission/update page. – Enabling Platforms

ADP is a global provider of cloud-based human capital management solutions, including human resources, payroll, talent, time, tax and benefits administration. ADP offerings also cover business outsourcing services, analytics and compliance solutions.

ADP

Instantly

Payroll disbursements

ADP

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

New


https://www.adp.com/

https://assemblypayments.com/


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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.

CSI Enterprises

Instantly

Cross-border payments, corporate travel payments

CSI globalVCard

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


https://www.csiglobalvcard.com/

https://www.conduent.com/


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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

Currencycloud

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


https://www.currencycloud.com/

https://www.dwolla.com/


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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

Early Warning

EML Payments issues mobile, virtual and physical card solutions for varied industries, including government, insurance and merchants. The company portfolio offers payment technology solutions for payouts, gifts, incentives, rewards and supplier payments.

EML Payments

Instantly

Government, insurers, commissions and rewards disbursements

EML Payments New


https://www.earlywarning.com/

https://emlpayments.com/


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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.

Hyperwallet

Instantly

Payments for contractors and employees

Hyperwallet


https://www.fiserv.com/payments/personal-payments/digital-disbursements.aspx

https://www.hyperwallet.com


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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

Ledge provides a white label B2B2C platform to optimize customer experience and the digital distribution of financial products, with a specific focus on installment/revolving credit products and retail financing for prime, near-prime and subprime markets.

Ledge

Instantly

Ledge

Loan disbursements

New


https://www.ingomoney.com/

https://ledge.me/


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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

Mitek Systems

Netspend, a TSYS company, is a provider of Visa prepaid debit cards, prepaid debit Mastercard cards and commercial prepaid card solutions. The company is also a provider of commercial payroll card solutions, offering employees a direct deposit option.

Netspend

Not available

Rebates, employee rewards, insurance, loans and payroll

Netspend New


https://www.miteksystems.com/

https://www.netspend.com/


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update, please head over to our profile submission/update page.

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

Parascript

– Enabling Platforms


http://www.novatti.com

https://www.parascript.com/


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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.

PayPal

Instantly

P2P payments

PayPal



https://www.payoneer.com/home/

https://www.paypal.com/


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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

Skrill provides digital payments solutions to consumers and businesses, allowing users to make local and international P2P payments. International recipients receive money instantly and can access it though a local bank, mobile wallet or as cash.

Skrill

Instantly

P2P Payments

Skrill


New


http://www.selectcore.com/

https://www.skrill.com/en/


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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.

Tango Card

Instantly

Merchant disbursements, corporate disbursements

Tango Card

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.

TransCard

Varied

Payroll disbursements, corporate disbursements, insurance claims disbursements

TransCard



https://www.tangocard.com/

https://www.transcard.com/


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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.

TransferWise, Ltd

Days

International payments

TransferWise, Ltd

ranspay 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.

Transpay

Hours

Payroll disbursements

Transpay



https://transferwise.com/au/

https://www.transpay.com/


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update, please head over to our profile submission/update page. – Point Solutions

Abra is a Bitcoin-based digital wallet app. Users can fund their Abra app wallets with Bitcoin, their bank accounts, Amex Cards or with cash through an Abra Teller. Funds can be transferred to users internationally.

Abra

Instantly

P2P disbursements

Abra

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

New


https://www.abra.com/

https://activehours.com/


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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.

Allianz

Varied

Insurance disbursements

Allianz

Allstate offers car, home, property, condo and renters insurance, as well as insurance for recreational vehicles. The company’s Fast Mobile ePayment tool is available for both auto and property claims, enabling policyholders to have their claim payments disbursed to accounts on the day the payment is issued.

Allstate

Same day to two days

Insurance disbursements

Allstate New


http://www.allianzusa.com/

https://www.allstate.com/


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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.

Barclays Pingit

One day to two days

P2P payments

Barclays Pingit


https://www.apple.com/

https://www.barclays.mobi/BarclaysPingit/MP1242629610109


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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.

DailyPay

One business days

Employee disbursements

DailyPay


https://www.circle.com/

https://www.trydailypay.com/


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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

Ensenta


https://www.digilitimoney.com/

https://ensenta.com/


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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

Freelancer is a freelancing and crowdsourcing marketplace through which employers can hire freelancer workers to work software development, writing, data entry, design, engineering, the sciences, sales and marketing, accounting and legal services, among others.

Freelancer

2-3 business days

Freelancer disbursements

Freelancer New


https://www.facebook.com/

https://www.freelancer.com/


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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.

Google Wallet

Instantly

P2P payments

Google Wallet

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


https://www.google.com/wallet/

https://www.greendot.com


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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.

Kalo

Less than 5 days

Freelancer disbursements

Kalo

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

– Point Solutions


https://kalohq.com/

https://www.lendingclub.com/


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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.

NCR

One day to two days

Check imaging, remote deposit capture

NCR

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

– Point Solutions


https://www.ncr.com/

https://www.nooch.com/


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Payza is a global online payment platform specializing in eCommerce payment processing, corporate disbursements and remittances for individuals and businesses.

Payza

Instantly

P2P payments

Payza

Pockit is a personal finance solutions developer. Its digital banking account enables account holders to have their salaries or benefits paid via bank transfer or by debit card. Users can also get paid in cash at PayPoints locations

Pockit

Varies

Government, payroll, P2P disbursements

Pockit New


https://www.payza.com/

https://www.pockit.com/


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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.

Revolut

Instantly

P2P payments

Revolut


https://www.prosper.com/

https://revolut.com/


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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.

Square Cash

Instantly

P2P payments

Square Cash

– Point Solutions


https://www.rushcard.com/

https://cash.me/


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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

Upstart is an online lending platform. In addition to its direct-to-consumer lending platform, Upstart provides technology to banks, credit unions and other partners via its Powered by Upstart software solution.

Upstart

1-5 business days

Loan disbursements

Upstart

– Point Solutions

New


https://www.thecheckcashingstore.com/

https://www.upstart.com/


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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.

Upwork

Variable

Employee payments

Upwork

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


https://www.upwork.com/

https://venmo.com/


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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.

Verse

Instantly

P2P payments

Verse

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


https://joinverse.com/en/

https://www.workmarket.com/


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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.

Zopa

1 – 3 Days

Loans

Zopa


https://www.zopa.com/


About

FeedbackIf you would like your company to be considered for inclusion in the Tracker’s Provider Directory or wish to have an existing listing reconsidered for an update, please head over to our profile submission/update page.

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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http://www.ingomoney.com/

http://www.PYMNTS.com


Disclaimer

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SEPTEMBER 2017 Disbursements - Ingo Money...

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