VSoft launches business network for real-time B2B payments
With increasing competition from banks and other traditional payment companies, non-bank payments companies are trying to capture the growing commercial payments space. They are launching payment platforms to lure businesses to get on board with digital payment methods. An example is California-based payments solution provider VSoft Corporation, which has launched its new network, Bread.
Under this network, merchants will have the ability to accept real-time payments from customers with no waiting time period. This network is designed for P2P, B2B, B2C and C2B payments.
Last month, US-based payments company Bill.com partnered with KeyBank to launch a platform for SMBs in order to streamline the payment process, while Billtrust announced BNP 3.0 which added support for ACH and Wire Transactions.
“Financial institutions, business owners, and individuals are all looking for transactions that are processed faster and with lower fees,” said Murthy Veeraghanta, Chairman and CEO at VSoft.
Payments which are on Bread networks are routed from financial institution to financial institution without a middleman holding funds. The account holder’s money is hosted by the financial institution. When a user of Bread makes a payment, the money gets transferred from their account to the payee’s account which can be an individual or a merchant. The platform will also allow for contactless payments and merchants can accept payments via QR code.
According to the company, the money on Bread is secure as it does not keep it with themselves but with financial institutions. The Bread platform is currently being rolled out by Corporate America Credit Union.