Payfinia, an open, real-time payments framework, announced it partnered with TAPP Engine, a B2B2C provider of SaaS embedded finance solutions, to offer an embedded suite of instant payments services to financial institutions (FIs) and wealth management providers.
Keith Riddle, general manager of Payfinia CUSO, said, “We’re thrilled to partner with TAPP Engine to offer its clients immediate access to funds, creating more efficient and secure money management capabilities.”
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The partnership enables participating clients to access Payfinia’s full suite of instant payment services, enabling an embedded suite of services to support account-to-account transactions, ACH messaging and instant payments requests. The embedded payment services offering from TAPP Engine and Payfinia is scheduled for availability in Q2.
Tosin Osunsanya, CEO and founder of TAPP Engine, said, “Community financial institutions are competing with megabanks and third parties to provide the best services possible – and a key part of this is offering the fastest and most fraud-proof solutions when managing multi-assets brokerage, fractional shares investing, clearing and more. By partnering with Payfinia, we will provide our clients with a fully managed, instant payments option to attract and retain more assets. Our partnership with Payfinia ensures our clients have a secure money movement framework to transform their businesses.”
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TAPP Engine provides WealthTech-as-a-service solutions and back-office operations support to financial services providers. Infusing instant payment capabilities into TAPP Engine’s platform enhances the account holder’s ability to manage cash flow within their checking accounts and accelerates the purchase of securities through the connected brokerage account. Account holders also can request immediate withdrawals from the brokerage account to the credit union checking account.
Through Payfinia’s comprehensive admin console, participating FIs gain access to Payfinia’s layered fraud controls for mitigating risk associated with instant transfers and the ability to secure ACH data for origination. Additionally, FIs can send instant payments on behalf of account holders and create instant disbursements to a defined portfolio of suppliers via Payfinia’s Concierge Payments Module (CPM).
Keith Riddle, general manager of Payfinia CUSO, said, “Combining Payfinia’s open payments framework, instant account-to-account transfer experience, and suite of layered fraud controls with TAPP Engine’s wealth management and brokerage tools, TAPP Engine clients will have more a secure, seamless wealth management experience. We’re thrilled to partner with TAPP Engine to offer its clients immediate access to funds, creating more efficient and secure money management capabilities. Our partnership will transform money movement experiences within the wealth management and financial services landscape.”
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Source: Businesswire
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