KExtending the reach of ‘push payments’ to the US commercial sector, KyckGlobal has announced a new collaboration with Visa.
The firm’s expansion, which builds on the growing popularity of ‘person to person’ (P2P) payments and allows the sending of money directly to a recipient, most predominantly to a consumer or small business debit or prepaid card.
The growth of the sector has fueled growing interest in the availability of push payments for U.S. businesses. Unlike traditional debit transfers, push payments do not require bank routing or account numbers.
Donald Boeding, board member of KyckGlobal commented: “Real-time payments offer a $10 trillion opportunity in the United States. The vast majority of that opportunity lies in funds disbursements by businesses. KyckGlobal’s front end, supported by Visa’s reach and network infrastructure, will unlock real-time payments for countless industries.”
KyckGlobal provides a cloud-based platform that powers funds disbursement across a broad array of payment types, as well as compliance and support processes for 1099 payments. The KyckGlobal solution is now in use across a variety of use cases including specialty consumer lending, rent payments aggregation, insurance claims, incentive programs, and others.
Visa Direct is Visa’s real-time push payments solution for small-business and consumer payments, helping financial institutions allow their customers to transfer funds to a debit account in real time. KyckGlobal’s collaboration with Visa will help broaden the spectrum of use cases well beyond person-to-person payments.
