In what has been likened to a “reverse PayPal,” cloud-based FinTech firm TransCard has introduced Paynuver, a Software-as-a-Service offering that focuses on funds disbursement across organizations and individuals, according to a Thursday (March 3) press release.
The firm said that Paynuver offers secure self-service payment options, with activities across the disbursements, hospitality and financial industries in the United States. In addition, the new solution promises to take “regulatory, time and cost burdens off payers.”
Through Paynuver, virtual accounts are established for multiple parties on any payment activity, according to the release. Once funds are deposited, payments across the platform can be managed to show verifications and payment histories. There’s also the ability to cement security processes, such as digital signatures. Technology in place throughout the platform ensures adherence to regulatory standards. Recipients are able to choose how they want to receive funds, such as through checks, prepaid accounts and cards and ACH processing. Some parties using the new platform have said it resembles a “reverse PayPal.”
In a statement, TransCard President Greg Bloh said: “By simplifying the payment process for the payer, whether it be an FI, corporation or insurance company, we’re helping them increase efficiency and lower payment costs by putting the work into the hands of the recipient. It’s a win-win, since those being paid have the freedom to choose the payment method that works best for them.”
Harkening to the PayPal imagery, the executive said: “PayPal transformed the way payments are processed for the purchasing of items, starting back in the late 1990s. But corporate disbursements haven’t seen the same level of innovation until now. The whole industry has been attempting point solutions without taking into account the preference of the payee. We’re excited to be able to offer an all-in-one solution that suits both parties.”