The companies will work together to reduce payment friction and risk
NEW YORK, NY – November 6, 2018 Transactis and Cash Flow Solutions (CFS) are collaborating to drive ACH and real time payments (RTP) with a seamless experience for businesses and their customers. Transactis will integrate CFS’ technology into its electronic billing and payment solution BillerIQ. This partnership will enhance the offering with real time account and funds verification while facilitating the exchange of bank account information for ACH and RTP. The technology will greatly reduce the friction and risk associated with ACH payments for both businesses and their customers.
“We’re thrilled to partner with Transactis to enhance the payment experience,” said Shawn Princell, president of Cash Flow Solutions. “Today’s consumer already prefers to pay from their bank account and now we’re making it easier. No more finding a check or searching for an account number – simply choose a bank, login, and select an account for payment. It’s really that easy.”
Driving ACH and Real Time Payments
Customer bill payment behavior has shifted toward credit and debit cards, and away from ACH, due to card prevalence and quick posting times. The enhancements to Transactis’ BillerIQ, makes connecting a bank account easier for customers. The verification features provide the real time benefits for ACH that have only been available through the card networks.
Reducing Payment Risk
Businesses on Transactis’ platform will be able to reduce risk and fraud with the real time verification of their customers’ bank accounts and available funds. Customer records are matched against existing bank accounts, eliminating the possibility of misapplied payments. The system verifies funding for all payments prior to initiating a transaction. The technology uses tokenization to make sensitive data inaccessible to outside parties, protecting customer information.
“Our goal is to facilitate biller direct payments while also making it easier for billers to convert customers from expensive card not present (CNP) transactions to inexpensive one time and recurring ACH payments,” said Bill Morrison, chief product officer of Transactis. “Billers will be able to use the technology to enroll customers for RTP disbursements for several time sensitive applications such as settling claims, delivering refunds, etc.”
###
About Transactis
Transactis transforms traditional billing and payment processing with innovative, reliable, and secure digital solutions. Its advanced technology simplifies receivables management, and is delivered to market through banks and service providers that support millions of businesses. Transactis meets the strictest regulatory and compliance requirements including HIPAA, SSAE 16, PCI Level 1, and SOC 2. Transactis has received the Inc. 500 Award, Deloitte Technology Fast 500 Award, AlwaysOn OnFinance Top 100 Award, Red Herring Top 100 Award, PYMNTS Innovation Award, PayStream Advisors Innovative Technology Award, and has been named a ‘Cool Vendor’ by Gartner. Transactis’ investors include Compound, ff Ventures, MacAndrews & Forbes, Safeguard, StarVest, Capital One, Fifth Third, PNC, TD and Wells Fargo. For more information, please visit transactis.com or follow us on Twitter @TransactisUS.
Transactis Contact
Laura Mitchell / Transactis
347.844.6742 / lmitchell@transactis.com
About Cash Flow Solutions
Cash Flow’s white-labeled Payment API empowers businesses to securely transact from any U.S. bank account. Mobile apps, software platforms, and service providers can now take advantage of the latest in bank payment technology. Our single API interface opens up hundreds of enrollment, risk, and processing mechanisms to deliver a seamless payment experience to your customers. Instantly link a bank account with bank login technology and offer various settlement options, including ACH, Same Day ACH, Real-Time Payments, and Zelle. Since 1998, thousands of businesses have followed the frog to exceed customer expectations for payments. Please visit us at www.FollowtheFrog.com to learn more.
Cash Flow Solutions Contact
Shawn Princell / Cash Flow Solutions
513.867.7050 / Shawn.Princell@FollowtheFrog.com