Real-time payments enable instant, around-the-clock electronic payments, transferring funds from one bank to another. Paired with Open Banking practices, which create a two-way information exchange between personal financial data and connected services, Everyware and MX’s partnership forms direct access to share information both ways.
In 2020, more than USD 70.3 billion real-time payments transactions were processed globally, an increase of 41% over the prior year, according to ACI Worldwide. Open Banking and RTP mean consumers have the control over their information and how they want to share it. They can pay merchants by text message, with the guarantee that funds are available and instantly transferred.
With the Everyware and MX integration, merchants can send invoices by text message, which can be paid through an MX-verified bank account containing a confirmed account balance sufficient to cover the payment amount. While maintaining security is a priority for Everyware, MX also augments the Everyware RTP payment experience by enabling customers to look up and connect their bank accounts without having to leave the payment screen.
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