FinTechs Enhance Existing Rails To Digitize B2B Payments

To help their corporate clients digitize payments, FinTechs and other technology providers are incorporating existing rails into their offerings. Here is a look into how these products, particularly those that harness automated clearing house (ACH) rails, can help businesses more simply and inexpensively process payments as they modernize operations.

Paystand Launches ‘Digital-First’ Alternative To Traditional Lockboxes

Blockchain-enabled business-to-business (B2B) payments firm Paystand rolled out Smart Lockbox, which equips merchants with a one-click migration experience for current hardcopy check payers that digitizes every check payment going forward. The offering also provides an immediate look into cash flow by the way of payment data that is shown as it arrives.

The Paystand Smart Lockbox can be viewed as a digital alternative to traditional lockbox services.

“Smart Lockbox is the key tool that helps companies seamlessly bring their mission-critical revenue into the digital age,” Paystand CEO Jeremy Almond said in an announcement. “Covid supercharged the push for digital transformation across the board for businesses, and there’s no question that this shift is here to stay.”

SWIFT’s New Platform Includes Extension Of High-Speed gpi Rails

Multiple international banks are getting ready to harness the extended functionalities of SWIFT’s new transaction management system to allow for new offerings, bolster efficiency and decrease costs when the platform rolls out in November of next year. New features include the extension of SWIFT’s high-speed gpi rails to lower-value payments, among other functionalities.

Citi, Standard Chartered, Deutsche Bank, BNP Paribas, Bank of New York Mellon and Bank of China have confirmed their preparations for the system, according to an announcement.

“SWIFT’s platform strategy helps provide the industry with a clear path towards a ubiquitous instant and frictionless cross-border payments experience, which, coupled with SWIFT’s established global reach and scale, represents a credible path to success,” Manish Kohli, global head of Payments and Receivables, Treasury and Trade Solutions, Citi, said in an announcement.

EVO Introduces ACH Payment Platform For Merchants

Payment technology integration provider EVO Payments is introducing a new automated clearing house (ACH) system to enable retailers to send and obtain debit payments. EVO ACH is connected with PayFabric, EVO’s payment gateway, which provides a solution for accepting and controlling payments.

“Our merchants will benefit from our enhanced digital payments offering, which will reduce friction with their customers, increase the timeliness of payments, and significantly reduce administrative costs,” EVO Payments President of the Americas Brendan Tansill said in a release.

Certegy Launches Virtual Terminal To Help Merchants Accept Checks, ACH

Certegy rolled out a novel Virtual Terminal system that lets brick-and-mortar and mobile merchants process ACH transactions and hardcopy checks.

To that end, the system lets merchants handle customer-written checks in-store by the way of a web browser and a check reader. Alternatively, it lets merchants outside of stores handle them by the way of mobile devices or tablets.

Moreover, the platform lets merchants provide and take a payment installment option through the buy now, pay later (BNPL) offering from Certegy.

“Our Virtual Terminal provides merchants with more choice and the ability to efficiently accept more cost-effective check and ACH-based payments as opposed to higher fee credit and debit payments,” Certegy Chief Technology Officer Colby Thames said in an announcement.