The name of the game in payment services is integration of different parts of the transaction flows and digitising the whole process. Here are two recent examples.

Transactis & Cash Flow Solutions combine for real-time ACH billing

Transactis, a leading US billing and payments company, and Cash Flow Solutions are collaborating to drive ACH and real time payments (RTP) with a seamless experience for businesses and their customers. Transactis will integrate CFS’ technology into its electronic billing and payment solution BillerIQ. This partnership will enhance the offering with real time account and funds verification while facilitating the exchange of bank account information for ACH and RTP. The technology will greatly reduce the friction and risk associated with ACH payments for both businesses and their customers.

Driving ACH and Real Time Payments

Customer bill payment behavior has shifted toward credit and debit cards, and away from ACH, due to card prevalence and quick posting times. The enhancements to Transactis’ BillerIQ, makes connecting a bank account easier for customers. The verification features provide the real time benefits for ACH that have only been available through the card networks.

Reducing Payment Risk

Businesses on Transactis’ platform will be able to reduce risk and fraud with the real time verification of their customers’ bank accounts and available funds. Customer records are matched against existing bank accounts, eliminating the possibility of misapplied payments. The system verifies funding for all payments prior to initiating a transaction. The technology uses tokenization to make sensitive data inaccessible to outside parties, protecting customer information.  

“Our goal is to facilitate biller direct payments while also making it easier for billers to convert customers from expensive card not present (CNP) transactions to inexpensive one time and recurring ACH payments,” said Bill Morrison, chief product officer of Transactis. “Billers will be able to use the technology to enroll customers for RTP disbursements for several time sensitive applications such as settling claims, delivering refunds, etc.”

Santander® Enterprise Payment Link

Santander Bank have launched Santander® Enterprise Payment Link (EPL), a robust, host-to-host payment initiation channel and client access portal to track and report on wire, ACH, and check payments to suppliers, customers, and employees.  Following the successful launch of Santander Treasury Link, Santander Enterprise Payment Link further automates payment processing while improving end-to-end transaction transparency and control.

 Santander Enterprise Payment Link features include:

• Initiating ACH, wire, and paper check payments all through a single, secure file transmission
• Accessing a single source for all host-to-host payment initiations and acknowledgements, providing real-time status online, including automated acknowledgement emails and payment status texts
• Improving cash forecasting by systematically supporting existing payment scheduling disciplines
• Enhancing audit control and payment tracing through a comprehensive query and reporting tool.

“We designed Santander Enterprise Payment Link based on conversations with our clients, incorporating their ideas on how best to streamline their payment process,” said Ken Deveaux, managing director and head of transaction banking. “This innovative payments solution allows clients to accelerate moving from costly, error-prone manual to automated processing, to outsource non-core activities such as check-printing, and to maximize investments in their treasury workstations and ERP systems.”

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CTMfile take: What we are seeing here is frictionless integration of the whole business transaction.