Checkbook, an all-in-one payments platform, announced a multi-year collaboration with Visa (NYSE:V) aimed at expediting disbursements to businesses, institutions, and individuals across millions of endpoints around the country.
This announcement builds on Visa and Checkbook’s incremental collaboration “with Checkbook having participated in the Visa FastTrack program in 2021 and their Virtual Card program enabled by Visa.”
The latest collaboration, this time “involving Checkbook’s implementation of Visa Direct, further strengthens the relationship and expands the solutions Checkbook is offering to businesses looking to disburse fast and seamless payments to individuals and other businesses.”
PJ Gupta, CEO and Founder of Checkbook, said:
“Our goal at Checkbook has always been to offer our customers a comprehensive suite of modern payment options with a single API. By offering real-time1 payments through Visa Direct, we are enhancing our customers’ ability to send and receive fast payments seamlessly.”
Fast payments optimize the way businesses “send money to their customers and to each other.”
Examples include paying insurance claims, vendors and contractors, wages, tips and rebates amongst others. However, most organizations “encounter unexpected complications and overhead in facilitating these payments.”
With Checkbook’s payments platform, “creating and sending real-time payments directly to customers’ bank accounts through eligible cards is done via one simple API call. Checkbook also offers a broad feature set that helps make managing the payments lifecycle painless.”
Businesses can track payment status and “monitor account activity from their dashboard or via Checkbook’s robust API. All these pieces contribute to the success of Checkbook’s product – a payment infrastructure tailored to meet customers’ payment needs when and how they need it.”
Visa Direct provides a single point of access and “reach to 8.5B+ endpoints, helping transform global money movement by facilitating the delivery of funds to 3B+ eligible cards, 3B+ bank accounts and 2.5B+ wallets2 around the world.”
In Visa’s FY23 alone, Visa Direct surpassed 7.5 billion transactions. Checkbook customers are part of that, which “helps save them time and resources.”