B2B Payments

Transcard Unveils New Account-To-Account Payments Solution

payments technology

Fast-growing payments automation firm Transcard is rolling out an account-to-account (A2A) solution that it says will boost the speed and efficiency with which buyers and sellers are able to exchange money and data, while reducing risk as well.

Under the new account-to-account payments solution, businesses will now be able to receive an eInvoice any time of the day or night, seven days a week, approve the invoice with a simple click, and then schedule or instantly execute a payment via the Real Time Payment (RTP) network or other service, according to a Monday (Nov. 16) press release issued by the Chattanooga, Tenn.-based company.

As part of the payment process, the Transcard A2A solution allows businesses to “exchange the rich remittance data that a supplier needs for touch-free cash application, and reconcile settled transactions,” the payments automation company said.

Overall, “Integration services digitally connect the solution to any ERP applications used by a buyer or seller,” Transcard said in its announcement, noting, “Transcard’s A2A solution does not require any changes to a buyer or seller’s banking relationships or legacy ERP.”

The launch of Transcard’s A2A solution “represents the next phase in Transcard’s journey to modernize the way that businesses and consumers pay and get paid by bringing together an omni-channel payment platform, digital workflows, open Application Programming Interfaces (APIs), and payment integration services,” the company said.

“The way that businesses pay and get paid is inefficient, unnecessarily complex, and risky,” Transcard CEO Greg Bloh said in the press release, explaining, “Transcard’s A2A solution is a big step towards frictionless B2B commerce. By digitally connecting buyers and sellers through their banks and their ERPs, the A2A solutions makes the exchange of payments and rich remittance details fast, effortless, and secure.”

Bloh recently shared his thoughts on the payments sector in a piece for PYMNTS that stressed the need to reduce friction in business payments.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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