March 28, 2012 08:00 AM Eastern Daylight Time
Broadest range of disbursement and bulk payment solutions sends funds instantly to payees own debit card, their bank accounts via ACH or loaded to a branded prepaid card
REDWOOD CITY, Calif.--()--Obopay, a leading provider of mobile and instant payment solutions for market-leading brands, today announced the availability of Obopay Disbursements, the broadest disbursement offering on the market. The new offering is the only one in the industry to enable a company to disburse funds from their corporate account directly into a payees debit cardaccount at another bank. The solution also enables disbursements as an electronic check through an automated clearinghouse (ACH) transaction, or to a branded prepaid card.
“Obopay offers the broadest 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”
With Obopay Disbursements, companies can realize significant business benefits by converting physical checks and cash into digital payments, which dramatically reduces their costs. Electronic disbursements can eliminate the high cost of issuing paper checks, estimated by the U.S. Treasury Department and industry research firms to be as high as $6 to $15 per check, as well as the complexity of handling lost and stolen checks, escheatment and potential exposure to fraud and theft associated with printing and mailing paper checks. Obopay’s offering makes transaction settlement easy for companies by providing them with a single, secure, corporate settlement account that manages all electronic transaction types. The solution delivers real-time balance and consolidated transaction reporting for easy reconciliation of each transaction type.
Obopay Disbursements enables companies to improve customer satisfaction through faster funding and expanded payment options, providing payees with unprecedented choice and speed in how they receive funds. Companies can transfer funds from their corporate account directly to a payee’s accounts in multiple ways including:
- To a customer’s existing debit card (instantly to supported STAR, NYCE or PULSE branded debit cards)
- To a bank account via an electronic check (ACH or equivalent)
- To a branded Prepaid Card
- To an Email, phone number or mobile wallet giving payees the ability to specify for themselves where to direct the funds
Obopay provides its Disbursement Solutions as an end-to-end manage service to its partners making it quick and easy to bring them to market. Obopay’s partners can leverage the company’s payment network connectivity, its regulatory compliance including licenses for money transfer throughout the U.S., and PCI level 1 compliance. Managed services can also include customer support services, prepaid card program management, settlement services and access to a robust suite of reporting. Obopay provides its partners with easy integration through APIs that enable them to integrate Disbursement Solutions into to their own applications. It can also provide easy to use applications for inputting disbursement instructions.
“Obopay offers the broadest 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,” said Obopay Vice President of Product Marketing David Schwartz. “Being a licensed money transmitter enables Obopay to make available to its partners unique services like instant disbursements. 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.”
For more information about Obopay Disbursements, visit www.obopay.com/disbursements