KyckGlobal announced a collaboration with Visa to expand the availability of 'push payments' in the U.S. commercial sector.
Push payments allow for the sending of money directly to a recipient, typically to a consumer or small business debit or prepaid card.
The growing popularity of 'person to person' (P2P) payments has fueled growing interest in the availability of push payments for U.S. businesses. Unlike traditional debit transfers, push payments do not require bank routing or account numbers, and offer real-time1 money movement at a significantly lower cost.
KyckGlobal provides a cloud-based platform that powers funds disbursement across a broad array of payment types, as well as compliance and support processes for 1099 payments. The KyckGlobal solution is now in use across a variety of use cases including specialty consumer lending, rent payments aggregation, insurance claims, incentive programs, and others.
Visa Direct is Visa's real-time push payments solution for small-business and consumer payments, helping financial institutions allow their customers to transfer funds to a debit account in real time. KyckGlobal's collaboration with Visa will help broaden the spectrum of use cases well beyond person-to-person payments.
"Real-time payments offer a $10 trillion opportunity in the United States," said Donald Boeding, board member of KyckGlobal. "The vast majority of that opportunity lies in funds disbursements by businesses. KyckGlobal's front end, supported by Visa's reach and network infrastructure, will unlock real-time payments for countless industries."