This week, TransCard officially rolled out instant payments as a new disbursement method for customers. Instant payments, now available as one of our many disbursement methods in the Paynuver platform, allow corporations and financial institutions to send and receive funds in less than a minute.
Instant payments is available immediately, with the first instance already being rolled out to a new TransCard client. The client, a large player in the healthcare industry, is using instant payments to ensure their payees have immediate access to funds.
Instant payments are delivered through our partnership with a major debit card network. They function using a 16-digit card number that routes funds quickly, placing them in the corresponding bank account in just 30 seconds.
Instant payments are made through the same compliant platform as your other payments, and can be used with the same features and workflows you’re already familiar with.
Once instant payments are enabled in your Paynuver platform, administrators can make them an option for payees. Instant payments will appear in payees’ list of options in their self-service portal, allowing them to choose instant payments or any of Paynuver’s other disbursement methods you decide to offer.
The main benefit of instant payments is speed. Compared to similar payment methods like ACH, instant payments can save hours or even days. Traditional ACH, for instance, can take as long as three days to deposit funds. Same-day ACH is completed within business hours on the day of the transfer.
Instant payments are available within a minute, allowing immediate access to funds for payees who need real-time availability.
In addition to releasing instant payments, TransCard has updated our website to provide a simpler, more useful experience. The new website streamlines navigation and includes a more fluid design to make it easier for you to find the latest information on TransCard, Paynuver, and the funds disbursement field as a whole.
On the new site you’ll find clearer menus that make searching for specific information faster and easier, as well as simple ways to get in touch with us. You’ll also find more information on our products and ongoing updates on the payments field in our blog.
Instant payments and the new website are part of an ongoing promise we make to all our customers - innovation. We want to redefine the payment industry, making payments easier, faster, and less stressful for organizations while providing an outstanding experience to payees.
We’ll continue to push the limits, keeping pace with technology and adding the newest, most popular payment methods as they become available so you have the latest tools at your fingertips.
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