Visa partners with Checkbook

Encompassing Checkbook’s implementation of Visa Direct, the partnership further supports the relationship and expands the solutions the former is providing to businesses needing to disburse fast and simplified payments to individuals and other enterprises. According to Checkbook’s officials, the company’s objective is to offer its customers a comprehensive suite of payment options with a single API. By delivering real-time payments through Visa Direct, Checkbook plans to enhance its customers’ ability to send and receive fast payments conveniently and efficiently. Representatives from Visa underlined that considering the current environment, businesses and consumers need fast and appropriate access to cash flow, whether for paying insurance claims, or disbursing wages, tips, or rebates. By working with Checkbook, Visa supports the simplification of global money movement and disburses funds securely with Visa Direct.

Furthermore, fast payments can optimise how businesses send money to their customers, as well as between each other, including paying insurance claims, vendors and contractors, tips and rebates, among others. However, many organisations confront unexpected difficulties and overhead in facilitating payments. By leveraging Checkbook’s payments platform, businesses can develop and send real-time payments directly to customers’ bank accounts via eligible cards through a single API call. Additionally, the company provides a broad feature set that supports the management of payment lifecycles, with businesses being able to track statuses and monitor account activity from their dashboard or via Checkbook’s API. These contribute to the capabilities of the company’s product, a payment infrastructure customised to meet customers’ payment needs and demands.

In addition, Visa Direct offers a single point of access and reach for 8.5 billion endpoints, assisting the improvement of global money movement by facilitating the delivery of funds to more than 3 billion eligible cards, 3 billion bank accounts, and 2.5 billion wallets around the world. The press release also underscores that in Visa’s FY23, Visa Direct surpassed 7.5 billion transactions, with Checkbook’s customers being a part of them, which supports them in saving time and resources.

Through its payments platform, Checkbook aims to enable businesses to send payments at scale by using a phone number or email address. Recipients are not required to create an account, log in, download an application, or share sensitive bank account information. This focuses on saving time and money over traditional payment methods while also providing an improved experience for end users and customers, helping them make the transition from physical to digital payments. 

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