First Horizon National Corp., a Tennessee-based regional financial services firm, plans to roll out ClearPath Fast Payments with the help of Interchecks, a FinTech startup, according to a Monday (Sept. 14) announcement.
The collaboration will offer an infrastructure that allows treasury management customers to make instantaneous payments, thereby making quick and easy-to-access payments increasingly accessible to companies, according to the announcement.
“Whether receiving wages, commission payouts, insurance claim payments, or an incentive for renewing with your utility service, businesses and consumers want to be paid as quickly and conveniently as possible,” First Horizon Bank Head of Treasury Product Management Somesh Kasibhatla said in the announcement.
Kasibhatla noted that harnessing the infrastructure of Interchecks lets the firm provide the newest ways for ePayments while still serving those who opt to get a hardcopy check or direct deposit.
Interchecks was started in 2016 and has Brooklyn, New York, as well as Boca Raton, Florida, office locations. The firm’s aim is to streamline and bolster payouts, as well as 1099 compliance, for groups throughout the globe. Instant deposit, eCheck, direct deposit and hardcopy check are among the company’s collection of on-demand payout choices.
Interchecks’ infrastructure is available via a simple application programming interface (API) integration or “turnkey Payer Portal,” according to the announcement.
First Horizon National Corp. has $86 billion in assets and runs almost 500 bank locations throughout 12 states in the Southeast, according to the announcement.
The Direct to Debit Card offering was created in an effort involving PNC and Visa via the real-time payments technology of Visa.
The payments are processed in real time, and businesses can harness the technology for on-demand payments, typical payroll processing, independent contractor payments and other business requirements.