Everyware taps Visa Direct and launches Instant Payouts
As outlined in the official press release, the new offering enables the real-time transfer of funds into the customers’ bank accounts or debit cards. Although Instant Payouts’ interface reportedly allows users to access funds in real time, the actual fund availability is dependent on the region and the receiving financial institution.
Instant Payouts was developed in partnership with Visa by leveraging the Visa Direct solution – that facilitates immediate bank-to-bank fund transfers. This new product was introduced as an alternative to the conventional ACH approaches to payouts that bank on the old check system.
When discussing this latest release, a representative from Everyware emphasised that Instant Payouts can be used to enable the disbursements of funds in multiple industries, from settling insurance claims to receiving healthcare refunds or automotive payments, whilst eliminating the need for customers to wait for a check in the mail.
Everyware’s strategy and past developments
Everyware is a customer engagement, billing, and payments provider that purportedly services over 9,000 merchants across multiple verticals including healthcare, travel, utilities, nonprofit organisations, and automotive.
Its platform facilitates the sending of money and enables merchants to communicate with their customers via text messaging. Customers can also use it to pay remotely, online, or in person – without needing to download an app. This is made possible by the fact that Everyware combines network tokenization with Pay By Text, a functionality made possible by a previous collaboration with Visa, thus ensuring the security of card details throughout the entire transaction lifecycle.
Earlier in 2023, the company announced its partnership with Sunbit as part of a common undertaking to release a Pay-Over-Time solution, in a bid to support businesses in transforming their customer relationships and offerings.
This is not the sole partnership secured by Everyware recently. In an effort to introduce new offerings, in 2022, the fintech tapped Splitit. By integrating Splitit’s Instalments-as-a-Service into its platform, Everyware was able to extend a mobile-first Buy Now, Pay Later (BNPL) solution.
Also in 2022, the company joined forces with Fortis to provide end-to-end acceptance solutions across its channels and segments. Following this collaboration, Fortis became a fully integrated experience with Everyware.
By The Paypers | https://thepaypers.com/payments-general/everyware-taps-visa-direct-and-launches-instant-payouts–1264367