Following this collaboration, the Green Dot Network will be used into a process that allows billers to connect to the Instant Payment Network in order to accept cash payments from clients. This will apply to numerous retail locations, such as supermarkets, restaurants, clothing shops and more.
According to the CEO of Paymentus, cash bill payments will be made easier is they are disconnected from the customer’s service counter into numerous community-based access points. This transformation will make the payment process more convenient and secure for the clients, like any other payment methods for both users and billers as well.
Paymentus Instant Payment Network, or IPN, connects its partners’ platforms and other billers to the integrated billing, payment, and reconciliation services offered by the company.
The customer who prefers to do payments with cash will have the option to pay their bills more efficiently, quickly, and securely, in person. Moreover, the client will receive a near real-time digital confirmation that their transaction was processed successfully and applied to their account accordingly.
Billers have benefits as well, since the Instant Payment Network connects them instantly to a network that provides multiple Cash Bill Pay locations. This will offer them the opportunity to expand their reach and influence in the communities and stages they belong to. The Network of Green Dot provides the Paymentus’ existing Cash Bill Pay options with other services, such as Walmart Bill Pay, payment kiosks offered at some biller locations, or the PayPal digitalised cash options.
US-based financial technology and bank holding company, Green Dot offers its customers and business partners the services and technology needed to build products and features that allow their users to make transfers and payments more efficiently and securely.
The company has multiple solutions to offer, including checking cards, credit and debit cards, prepaid and payroll cards, tax refunds, money processing services, disbursement, or cash deposits and loans. GO2banks represents the digital bank of Green Dot, and it provides its merchants and traders with a simple and safe mobile banking application. Furthermore, Green Dot’s banking platform services (BaaS) offers a list of technology brands to design seamless and personalised money management solutions for all of their users.
In 2022, the company announced its collaboration with Plaid, to offer Open Banking data sharing to customers of its in-house neobank, GO2bank. The partnership involved integration from the Plain Exchange, an Open Banking solution that facilitates bank account data sharing with numerous financial applications. One of the aims of this deal was for Green Dot to expand this collaboration to its Banking-as-a-Service (BaaS) products, so the performance of the B2B services will be boosted and developed.
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