Payment processing platform PayiQ is about to move payments much faster thanks to a new partnership between the platform’s developer, Quisitive Technology, and Visa-owned payments software platform Cybersource.
Quisitive outlined in its Wednesday (Nov. 9) press release that PayiQ will be using Cybersource’s connection to Visa’s payments infrastructure to allow banks and businesses access to Visa directly, avoiding third-party payment processors.
“We are excited to be able to partner with Cybersource to deliver a new, cloud-enabled processing solution that transforms what has been a host of slow, manual management processes to a 21st century level of automation,” said Jana Schmidt, president of Quisitive’s Global Payments Solutions, in the release.
Fast, real-time payments processing is crucial in the modern business and banking payments industries.
According to a September PYMNTS research report, “Real-Time Payments: How Speed is Changing the Mix of Business Payments,” 19% of real-time payments occur among firms using the technology, and there are 13% of payments sent by wire transfer in those same companies.
PayiQ’s now-revamped digital payments platform plays into this need for payment processing speed, so the Cybersource tech partnership is a big step in making PayiQ a resource for rapid payment transactions.
Quisitive’s platform also gives merchants a management database through direct control over pricing, automated chargeback management, and immediate access to all merchant data.
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