Posted on 24 Jan 2019
Piscataway, NJ - Alacriti, a payment technology innovator, announces the addition of Digital Disbursements to its Orbipay® platform. Orbipay Digital Disbursements empowers businesses to send electronic payouts to their payees directly, reducing the time and costs associated with paper checks.
“Paper checks can represent a significant expense for businesses, especially those that issue payouts frequently, like property and casualty insurance companies,” says Manish Gurukula, CEO of Alacriti. “Orbipay Digital Disbursements allows businesses to reduce these costs by replacing the manual process of writing paper checks with faster electronic payouts that are deposited directly into payees’ bank accounts.”
Orbipay Digital Disbursements supports three scenarios – Straight-Through, One-Off, and Recurring Disbursements – that enable business-to-consumer (B2C) payouts regardless of whether payees’ bank account information is already on-file. Funds are delivered quickly via ACH, and payees can enroll to access their payout history and to receive email and/or SMS text message alerts and notifications about their payouts. The solution’s Payer Portal provides customer-facing staff easy access to payees’ profiles and activity, including in-depth reporting related to historic and upcoming payouts.
“Payers are looking for ways to reduce costs and improve the customer experience using digital payment methods,” explains Talie Baker, Senior Analyst with Aite Group’s Retail Banking and Payments practice. “And consumers are expecting faster, more convenient payments as well. Digital disbursement solutions are a key differentiator, if not already table stakes, for any 21st century organization making large volumes of disbursements.”
Gurukula adds, “We’ve seen the payments landscape undergo tremendous change, moving toward faster and more personalized transactions. Orbipay Digital Disbursements is designed to deliver that experience to the payout process as well. The solution facilitates quick, easy, and secure payouts that are built with payees in mind, ultimately leading to more satisfied customers.”
Veridian Credit Union is now live on The Clearing House’s (TCH) RTP® network.
Banks and credit union clients can now enable their customers and members to make loan payments via their preferred channels, methods, and frequency.
Alacriti is a leading financial technology company dedicated to helping our clients accelerate their digital payments transformation.
Alacriti’s cloud-based platform, Orbipay, delivers solutions across the payments ecosystem, including The Clearing House’s RTP network, Electronic Bill Presentment and Payments (EBPP), and Digital Disbursements. Through our cloud-native platform, Orbipay, our solutions empower clients to deliver the innovative digital payment experiences today’s consumers demand. In addition to driving modern and frictionless digital payment experiences, our clients benefit from faster time to market and continuous innovation on a proven platform.