FinTechs Embrace Flexibility By Mixing Payment Rails

As FinTechs and other financial services providers look to invest in newer payment rails that can support instant transactions, industry collaborations are also helping to promote payment flexibility. This week’s look at the latest in Payment Rail Innovation explores the value of mixing payment rails to give end-users greater choice.

Volante, SIA Loop European Banks Into Instant Payments

Volante Technologies has announced a partnership with fellow payments FinTech SIA to enable banks in the region to more seamlessly access real-time payment schemes and offer instant payment solutions to their customers. Volante said it will lend its SEPA Instant Payments-as-a-Service offering and combine it with SIA’s SIAnet infrastructure to enable financial institutions (FIs) to gain direct access to various payment rails, including EBA Clearing’s RTI and TIPS. With a maximum transaction value of 100,000 euros, these rails enable payments to be sent and received in less than 10 seconds.

The Clearing House Steps Into Earned Wage Access

The Clearing House is taking on a larger role in the rise of on-demand earned wage access via a new partnership with DailyPay and PNC Bank. The Clearing House’s RTP network will power DailyPay’s real-time funds transfer into professionals’ bank accounts when they request early access to their earned wages before payday. PNC will offer this service to its customers. In a statement, PNC Treasury Management Executive Vice President and Head of Digital and Innovation Chris Ward said the bank is “committed to immediate payments and creating a platform for a real-time economy.”

Melio, Capital One Embrace Mixing Payment Rails For B2B Payments

Melio, which enables businesses to adopt commercial cards in accounts payable (AP) departments without forcing suppliers to accept cards, has announced a new partnership with Capital One designed to empower Capital One business cardholders with Melio’s technology. Together, the firms support the use of Capital One cards for businesses to pay their suppliers, while Melio steps in to move funds to the vendor via their method or rail of choice, including direct bank transfer, wire transfer or paper check. The firms said the focus is on supporting cash flow for both buyers and suppliers.

PayAlly, B4B Tap Banking Circle’s Global Payment Infrastructure

PayAlly and B4B Payments both announced new partnerships with Banking Circle this week, with plans to use Banking Circle’s cross-border payments infrastructure to enhance their own global payment offerings. PayAlly will use Banking Circle to expand the payment rails it uses to move funds for its business clients with a focus on eCommerce businesses. B2B Payments, meanwhile, is working with the company to make use of its “super-correspondent banking network” to elevate its own corporate prepaid payments and banking services.

Dwolla Lowers API Integration Barriers To Loop Into Payment Rails

Payments platform Dwolla is expanding its technology that allows third parties to use its APIs to integrate payments functionality into their own offerings, with support for a variety of payment methods. The company said it has enhanced its Drop-In Component, a way to copy and paste code to accelerate the development of its digital solutions. Dwolla’s payment API supports ACH as well as The Clearing House’s RTP Network, the company noted.