Fiserv’s Head of Carat and Digital Commerce Nandan Sheth said that the goal of the new offering is to meet the demands of today’s consumers and continue helping organizations around the world move money fast and easily, according to an emailed press release on Wednesday (Aug. 18).
“With the addition of payouts to PayPal and Venmo accounts via our Carat ecosystem, businesses can benefit from enhanced visibility of their brand via a logo, tagline or customized message in Venmo’s social payments platform. This provides our clients with a unique opportunity to drive next-generation customer experiences, with the simplicity of doing so at scale through a single API,” Sheth said.
The new tool gives businesses that send a slew of payments more options while offering brand marketing opportunities via Venmo’s social community. Further, consumers can receive their money faster.
Digital wallets are becoming more commonplace for the average person, and it’s up to businesses to ensure they can offer payouts to meet customers’ preferred options. For companies that have a “payout-heavy infrastructure” the ability to send payments at volume to PayPal and Venmo can make all the difference, according to the press release.
“With more than 400 million active accounts on the PayPal and Venmo platforms, we are able to provide companies with a fast, easy and cost-effective way to send money in situations such as insurance payouts or other disbursements,” said PayPal Senior Vice President of Partnerships Dan Leberman.
He added that this new adaptation extends PayPal’s “long-standing partnership with Fiserv” and can be of great assistance to organizations that send direct payouts to people.
Digital payouts are just one part of Fiserv’s Carat omnichannel commerce ecosystem that offers safe pay-in and payout across the channels and devices people use most via a single API.