Everlink Payment Services is teaming with workflow solutions provider FINTAINIUM to offer B2B and B2C payments in real time, leveraging the ISO 20022 global standard, according to a press release.
As digital payments continue to reshape the field, particularly because of the pandemic, the partnership sees a solution using Everlink's eHub Digital Payments Platform integrated to help with real-time payments powered by FINTAINIUM.
Commercial banking platforms, small businesses, corporations and government entities alike can access the service, the release stated. It will give them the ability to send or request real-time bulk payments without the usual associated high costs.
The partnership will afford companies the ability to streamline end-to-end workflows with a single software solution, allowing for reductions in manual work, expenses and risk that come with cash use, according to the release.
Digital payments have changed the payments landscape by requiring new strategies relying on efficiency, scale and modern technology to keep up with the quick evolutions that have happened and the rising demand for digital ways to pay.
INTERAC data shows that eTransfer transactions are becoming a more acceptable way to pay, with 21 percent more merchants using eTransfer transactions in August as opposed to before the pandemic, the release stated.
Bryan Beattie, vice president of Business Operations with Everlink, said the agreement between the two companies will "ensure our clients are at the forefront of the digital transformation wave, accelerated by the explosive growth of application programming interfaces (APIs)."
FINTAINIUM CEO Richard Jackman said the new offering would "enhance automated efficiency and cost savings for our mutual banking, credit union and [SMB] customers."
FINTAINIUM also partnered with CIT Group to boost the accessibility for accounts payable and accounts receivable functions for small- to medium-sized businesses (SMBs) during the pandemic. According to PYMNTS, the system works on the cloud and adds the option for businesses to offer extended payment terms in a trade for discounts or premium services to customers and suppliers.
