Corporate disbursements FinTech Onbe is working with financial services firm Equity Trust Company on a project the companies say will modernize the way investors pay real estate expenses within their self-directed individual retirement accounts (IRAs).
“Expense Pass, managed by Onbe on behalf of Equity Trust, eliminates the need for traditional checks and ACH [Automated Clearing House], and delivers a modern, agile disbursement program via virtual and physical cards, reducing the time to deliver funds for Equity Trust real estate investors,” the companies said in a news release Thursday (Aug. 25) emailed to PYMNTS.
The release says Expense Pass virtual and physical cards give property owners speedy access to funds to make improvements or to pay bills such as condo fees or utilities. In addition, they can be linked to investors’ mobile wallets and are accepted at retail stores around the country.
In addition, property owners can use the Expense Pass to pay HOA fees, utility bills, property taxes, property insurance, property repairs and renovations, or for property-related purchases at retailers.
Real estate investors can request funds that will then be disbursed via virtual or physical cards, which can be linked to Apple Pay, Samsung Pay, Venmo, or PayPal and used to pay third parties like contractors.
“We’re partnering with Equity Trust to deliver a seamless payment experience to their real estate property investors,” said Tracy Monson, chief product officer at Onbe. “The Expense Pass program cuts down the time it takes to access funds from up to a week to a day or two, giving real estate investors faster access to their funds.”
PYMNTS spoke to Monson last month after collaborating with Onbe on the report “Expanding Payments Choice.”
She explained that her company facilitates payments to more than 180 countries, easing the burden of managing foreign exchange (FX) and cross-border wage access and payments.
“Making sure that you have a payment solution and that you have the right partnerships in place to get payments to people in 180-plus countries is also critical and something that sets these employers apart,” Monson said.