Fintainium taps Visa to add real-time payment technology
The United States has lagged in the implementation of real-time payments in the past but this has been changing for a couple of years as many prominent players have jumped in to fill up the void space.
This week, US-based payments company Fintainium has partnered with Visa to utilize Visa Direct, which is Visa’s real-time push payments platform, to add real-time capabilities to Fintainium ‘s existing technology stack.
This partnership builds on Fintainium’s existing suite of solutions which the company partnered with CIT’s Treasury and Payments Services business back in May 2020. The partnership will use CIT’s payments network and Fintainium cloud services to ‘improve financial workflows, increase management visibility and reporting, and provide outstanding payment execution, enhancing cash-flow support for small and midsize businesses’.
With CIT, Fintainium will use Visa’s platform to let its clients send and receive payments in real-time. Merchants would be able to access cash flow daily. The company also noted that this collaboration would allow it to offer a low-cost solution for Business-to-Consumer, Business-to-Business, and Government-to-Business payments.
The company also notes that this collaboration would also help industry players to keep pace with consumer demand for digital solutions and deliver a better payment experience to compete in the rapidly evolving payments space.