Here’s an idea for bigger insurers looking to enhance their branding; mark those payments with your logog, or a special tagline, as they hit customer accounts or PayPal apps etc.
Fiserv, Inc. has announced that Carat has expanded the digital payout options available to businesses to include payments to PayPal and Venmo accounts. The innovation allows businesses that deliver mass payouts to provide additional choice in how customers quickly receive funds, while also unlocking new opportunities to market their brands through a social community such as Venmo.
As consumers increasingly adopt digital wallets, it has become important for businesses to provide the convenience of payouts directly into a consumer’s preferred account or wallet. For businesses operating in verticals with payout-heavy infrastructure, such as insurance, the ability to deliver payouts at scale to PayPal or Venmo accounts can be a significant differentiator.
“Fiserv is helping organizations across the globe move money and information with the speed, flexibility, and convenience that today’s consumer is demanding,” said Nandan Sheth, Head of Carat and Digital Commerce at Fiserv. “With the addition of payouts to PayPal and Venmo accounts via our Carat ecosystem, businesses can benefit from enhanced visibility of their brand via a logo, tagline or customized message in Venmo’s social payments platform. This provides our clients with a unique opportunity to drive next generation customer experiences, with the simplicity of doing so at scale through a single API.”
Digital payouts are part of the Carat omnichannel commerce ecosystem that more securely delivers pay-in and payout opportunities across the most popular channels and devices. Through simple API access, Carat enables clients to easily access pre-integrated solutions – such as digital payouts – that allow businesses to imagine and realize cutting-edge customer journeys.
Digital payouts can also help businesses save time and money with a comprehensive solution that reduces operating costs associated with delivering paper checks. Carat currently executes nearly $1 billion in digital payouts a month via exclusive payout options and direct bank connections. In addition to payouts to digital wallets such as PayPal and Venmo, businesses can disburse digital payouts via a consumer’s credit or debit card, ACH, prepaid card, or even a digital check.
“With more than 400 million active accounts on the PayPal and Venmo platforms, we are able to provide companies with a fast, easy, and cost effective way to send money in situations such as insurance payouts or other disbursements,” said Dan Leberman, Senior Vice President of Partnerships, PayPal. “This integration is the next step in our long standing partnership with Fiserv and will provide substantial value to enterprises that need to send money directly to customers.”