The new partnership eliminates the cost and risk of issuing account balance refunds by check while delivering on consumers’ preferred payout choices.
Onbe, a leading corporate payouts platform, announced that it has partnered with TAB Bank, a technology-driven online bank serving businesses and consumers, to modernize the process of disbursing refunds following account closures. While account balance refunds are traditionally paid by check, Onbe’s research shows that 92% of consumers prefer digital and electronic payouts. This partnership enables TAB Bank to leverage Onbe’s payouts gateway to deliver digital-led refunds. Customers will have a choice of payment methods, including instant virtual cards, improving convenience and satisfaction during account closure.
Creating operational efficiencies for TAB Bank, Onbe’s solution will replace checks, which average up to $12 each to issue, with more secure and cost-effective payment options. But cost alone doesn’t drive the digital payouts evolution—with 65% of organizations reporting check fraud in 2023, more businesses, financial institutions and consumers are turning to more secure, direct payment methods to ensure funds reach the intended recipients. Digital refunds delivered via email offer peace of mind for TAB Bank’s customers while reducing the bank’s fraud risk and expense.
“Creating convenient and compliant payout processes is fundamental to the work we do, and we are proud to partner with TAB Bank to provide a modern refund experience that prioritizes the recipient’s needs and puts funds in customers’ hands efficiently and securely,” said Tracy Monson. “Transitioning from checks to faster, more secure payment methods benefits banks and their customers by reducing risk and complexity while meeting the growing demand for digital payments.”
“TAB Bank is known for making banking easier and more accessible with online solutions, and in partnership with Onbe, we have upgraded our refund methods to be as fast, modern and convenient as the other experiences we offer,” said Michael Palmer. “We are excited to bring our customers a more intuitive, digital-led refund process.”
With an increased focus on escheatment and compliance practices in recent years, ensuring accurate, efficient refunds helps banks mitigate risk and reduce the burden of unclaimed property. Onbe’s clients offload this complexity by replacing checks with digital payments, minimizing instances of lost or stolen refunds while streamlining the downstream escheatment process to decrease the risk and cost for banks. Powered by Onbe, TAB Bank’s modern refund solutions strengthen compliance while delivering faster, more convenient customer experiences.
