Fintainium has collaborated with Visa to add real-time payment technology to its suite of payment solutions.
This collaboration comes following Fintainium’s partnership that was formed in 2020 with CIT’s Treasury and Payments Services business.
The partnership taps CIT’s payments capabilities and Fintainium’s cloud-based platform, which will in turn help to boost financial workflows, provide management visibility and reporting, and enable payment execution, and improve cash-flow support for small and midsize businesses.
Fintainium claimed that its platform and end-to-end financial workflow automation tools enable businesses to not only gain improved visibility into cash flow, but also helps them to cut down administrative-accounting costs, and bolsters the overall transparency across the payments process.
Furthermore, it becomes possible to streamline end-to-end workflows with Fintainium’s single software solution, which integrates with common accounting software to help cut down manual processes, expenses, and risks related to cash flow management.
Fintainium, through CIT, will be able to use Visa Direct, which is a real-time push payments platform of Visa. This facility adds real-time capabilities to Fintainium’s existing technology stack.
Visa Direct enables allows customers of Fintainium to send and get payments in real time. Businesses will be able to transfer money in real time; merchants will be able to access cash flow every day, and consumers can receive payouts to bank accounts through eligible Visa debit cards.
Fintainium CEO, co-founder Richard Jackman said: “When you combine rich data with the most efficient rails to move money and data, value is created. What we are doing cannot be overstated.”
The collaboration with CIT will allow Fintainium to extend Visa Direct-enabled capabilities to its current business customers and provide a cost-effective solution for business-to-consumer, business-to-business, and government-to-business payments.