PRESS RELEASE:
CHATTANOOGA, TNFebruary 26, 2024
Transcard, a leader in payments technology, announces the ability to connect any US bank to their embedded payment solution, the SMART Suite. Through open banking or a funding account model, customers now have more options.
The SMART Suite has always provided open banking connectivity. Increasingly popular in other parts of the world, open banking is integrated into the API layers of banks and connects payments directly from a bank account. In the SMART Suite, the open banking API bank connection provides real-time payment flow and insights directly within the embedded payment portal.
By adding funding accounts, Trancard is providing customers the option to connect to any bank in the United States. A funding account is an account held with a Transcard bank sponsor. The account is pre-funded by transferring funds from your primary bank account to the funding account to be used for transactions.
Expanding the bank connectivity within Transcard’s SMART Suite further improves the solution set offering. Furthermore, it enables businesses to easily connect to their bank and system of record, simplifying financial operations out of one platform.
"As we continue to enhance the SMART Suite, we are excited about the expanded capabilities and providing the option to utilize any US bank. This is one of many enrichments coming this year as we innovate to support an even broader market,"
said Greg Bloh, Transcard CEO.
Transcard's SMART Suite is a family of embedded payment solutions that enable businesses to make and receive payments, collaborate, and share payment data with customers and suppliers. It includes features and functionalities for disbursements, receivables, account-to-account payments through business networks, and supply chain financing.
ABOUT TRANSCARD
We make frictionless payments a reality with comprehensive global payment solutions designed for banks, fintechs, and businesses of any size and in any industry. We deliver solutions for B2B payments, C2B payments, B2B2C payments and A2A automation.
Our solutions combine unmatched multi-rail capabilities, embedded workflows, best-in-class integration, effortless reconciliation, and bank-grade security. These are some of the reasons that 550 businesses and more than 200 banks trust us with their payments.