B2B Payments

PNC Treasury Rolls Out Push-To-Debit Feature For Instant Pay

PNC Treasury Management is adding push-to-debit card capabilities in a bid to expand payment options so businesses can send payments to consumers any time, according to a press release.

The new program is called Direct to Debit Card and was built through a collaboration between PNC and Visa, using Visa's real-time payments platform, the release stated. Users can bridge the gap between business-to-consumer (B2C) payments without the need for bank account numbers or third-party apps, routing payments to consumers with the debit card number instead.

The payments, according to the release, are processed in real time. Companies can use the tool for regular payroll processing, paying on demand, independent contractor payments and other business needs.

Payments speed has been a concern for companies for a long time, and it has become more essential as customers expect the increasingly efficient digital landscape to work for them. Push payments, like what PNC is implementing, mean the opposite of “pull” payments where merchants' banks request to pull money from a customer to their own accounts. In a “push” scenario, the consumer instructs their bank to send the money.

One advantage of push payments, according to PYMNTS, is that if a payer's bank doesn't have enough funds, transactions are declined immediately, preventing confusion over that aspect. And employers can use them to help pay employees instantaneously, which can improve retention.

Chris Ward, executive vice president and head of product and operations with PNC Treasury Management, said the idea is to keep business moving for customers.

"This push-to-debit card payment capability is complementary to our other offerings and will provide convenience, immediacy and payment choice based on our clients' needs," Ward said, according to the release.

Gaurav Gollerkeri, head of Visa Direct North America, said the collaboration would be a fruitful one.

"Together, Visa and PNC are providing a total solution for faster payments that is easy for clients to implement and provides speed for payments to consumers," he said, according to the release.

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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