Payments Journal, a fast-growing payments and banking news and information portal, recently profiled our new faster payments platform. Sue Brown, Director, Prepaid Advisory Service at Mercator Advisory Group and contributing Payments Journal author writes, “With [Meta’s] new faster payments platform, they compete with many of the largest players in the financial institution industry and have created a competitive edge over most prepaid card issuers.” The article examines the various solutions we use to bring faster payments to partners and clients.
Brown spoke to our own Jennifer Worley about why Meta chose to make the move to release a faster payment platform. Worley said, “we’ve been enabling the secure transfer of funds via ACH and wire for many years. Adding new faster payments methods to our portfolio complements our existing product suite, enables the adoption of new technology and responds to business and consumer demand for faster payment options.”
The article describes how our new disbursements platform enables businesses to deliver faster, more convenient payments to consumers. As Worley notes, “…payment methods that offer speed and flexibility make a real difference for businesses and consumers alike.”
Looking beyond straight-forward B2C money movement, Brown points out several other arenas where faster payments technology could be a game changer. She writes: “Meta will also use this innovation to support their consumer and commercial loan business with creative use cases to foster innovation in the same way they have with prepaid.” She also mentions the potential for Meta to “fuel the instant payment of wages for gig economy companies such as Lyft and Uber.”
Worley caps the article by describing the faster payments platform as yet another milestone in Meta’s long history of service to partners. She says, “as an organization that transfers nearly $1 billion per day in ACH and wire transactions, we bring unmatched depth of experience in implementation and technical integration to our partners and often serve as a one-stop shop for them.”
Read the full article here.