Chequebook and Visa hope to expedite payments to businesses, organisations, and individuals at various US endpoints through their multi-year agreement. The news follows Checkbook's 2021 participation in the Visa FastTrack initiative and the company's Visa-enabled Virtual Card scheme.

The goals of the Visa and Chequebook partnership

The collaboration, which includes Checkbook's deployment of Visa Direct, strengthens the cooperation and broadens the range of services the former offers to companies that must make quick and easy payments to consumers and other businesses. Officials from Chequebook state that the company wants to provide a wide range of payment choices to its clients via a single API. Chequebook intends to improve its customers’ capacity to send and receive quick payments simply and effectively by offering real-time payments through Visa Direct. Visa representatives emphasised that, in light of the current circumstances, companies and customers want quick and suitable access to cash flow, whether it be for paying insurance claims or distributing salaries, gratuities, or refunds.Visa facilitates the ease of international money transfers by collaborating with Chequebook and securely disburses monies through Visa Direct.

Fast payments can also improve the way that companies transfer funds to one another and to their clients. Examples of these transactions include tipping and refunds, paying contractors and vendors, and paying insurance claims. Nonetheless, a lot of businesses deal with unforeseen costs and challenges while processing payments. Businesses may create and send real-time payments via compatible cards straight to consumers' bank accounts by utilising Checkbook's payments platform with only one API request. In addition, the company offers a wide range of features that facilitate the administration of payment lifecycles. Companies can use Checkbook's API or their dashboard to watch statuses and keep an eye on account activity. These enhance the capabilities of the company's product, which is a payment infrastructure tailored to satisfy the wants and needs of clients.

Furthermore, Visa Direct provides a single point of access and reach for 8.5 billion endpoints, supporting the distribution of funds to over 3 billion eligible cards, 3 billion bank accounts, and 2.5 billion wallets globally. This helps to facilitate global money mobility. The press release also highlights the fact that Checkbook's clients were a part of Visa Direct's over 7.5 billion transactions in Visa's FY23, which helps them save time and money.

Additional details regarding Chequebook

Chequebook wants to make it possible for companies to transfer payments at scale using an email address or phone number through its payments platform. It is not necessary for recipients to download an application, establish an account, log in, or divulge sensitive bank account information. In addition to offering end users and customers an enhanced experience, this focuses on saving time and money over traditional payment methods and assisting them in making the switch from physical to digital payments.