PNC Bank has announced that it has renewed its partnership with Visa, aiming to expand immediate payment capabilities available to PNC Treasury Management clients.
The collaboration leverages Visa Direct’s US network and PNC’s Treasury Management Platform to offer clients access to differentiated payment features, providing a simplified and more efficient money-movement experience and augmented payment processes.
PNC Treasury Management provides a platform of end-to-end technology and experienced teams that support clients in developing and implementing a cohesive cash management system for their business.
Bringing efficiency and flexibility into payments
Considering the scaling demand for faster payments across business-to-consumer and business-to-business use cases, including in instances such as insurance disbursements, gig economy payouts, earned wage access, and refund/rebate payments, which are already served by PNC and enabled by Visa Direct, the two companies plan to further improve the immediate payment experience. As payments require a personalised approach for each case, PNC focuses on delivering services that align with the preferences of both payors and payees, supporting businesses in bringing efficient and flexible payment experiences.
According to PNC’s officials, the company’s expanded partnership with Visa aims to meet the increasing need among its corporate and commercial clients for faster and secure payment solutions. As clients have come to expect advanced capabilities from the financial institution, the strategic alliance with Visa is set to augment PNC’s competitive set of offerings for its clients looking for reliable and scalable payment solutions. Additionally, Visa mentioned its plans to work with PNC and equip the latter’s clients with the modern tools they require to further advance their operations. BY offering access to real-time payment rails through Visa Direct, the two companies intend to support the optimisation of operations while also meeting the demand for improved digital payouts.
Furthermore, partnering with Visa comes as an addition to PNC’s portfolio of products and solutions, which currently includes Direct to Debit Card, Real-Time Payments, Zelle Disbursements, and proprietary disbursement solutions, Intelligent Routing and ePayments. The Direct to Debit Card solution can be accessed through API via the bank’s ePayments platform, allowing businesses to integrate real-time payments into their workflows and deliver payees secure disbursement options.
PNC underlined its commitment to investing in technology, with the bank aiming to continue to assist its clients as they work on increasing working capital, achieving more secure transactions, and growing their businesses.
