May 13, 2022
The payments world has gone digital, and while many organizations are still playing catch up, the need for modernization has reached critical mass. Disbursements are one area in dire need of an upgrade. Many fintechs and global enterprises find themselves leveraging multiple platforms and systems to accommodate various disbursement channels ranging from ACH and check issuance to digital cards, push to debit, and RTP payments. Navigating this spiderweb of payments confusion is not a sustainable – or strategic – option.
While the price of sending paper checks can be costly, it is still a part of the disbursement strategy for many organizations. On the other hand, 70% of American adults reported using a P2P service as of 2020, pointing to a need for comprehensive, flexible disbursement solutions that can cater to the continued convergence of analog and digital payment preferences.
The biggest question is how businesses can operationalize various methods of disbursement. Building platforms in-house may guarantee that all disbursement need boxes are checked – but at a steep price. Alternatively, off-the-shelf APIs offer greater affordability but may have gaps between what they deliver and what an organization needs.
Qolo offers speed and choice for fintechs, neobanks, and businesses innovating to stay ahead of the pack in the ever-evolving digital payments landscape. We deliver an easy-to-leverage, multi-channel, and flexible payment disbursement suite that enables clients to send money to selected parties fast while empowering recipients with the choice in how they receive funds. Our flexible solution allows clients to fine-tune their needs by leveraging one or all of our disbursement channels on a single, modern API with first-party access to bank and payment rails.
We built our disbursement solution in alignment with the multi-channel philosophy of our entire platform. Clients can choose between one or a combination of several different disbursement solutions to fit the client's market and use case needs. The different channels and options include some of the traditional services like ACH and check issuance as well as faster, modern solutions like prepaid cards, RTP, and push to card payments.
Avoid the headaches of payments technology spiderwebs and get everything you need for disbursements in one place from one partner. We help you cut out unnecessary middlemen and directly access the payments technology foundation you need – all from a single API.