UK-based Worldpay has introduced new payment solutions aimed at providing eCommerce businesses with more choices to disburse funds to partners and customers and across country borders.
Worldpay’s dynamic payment solutions combine the enhanced Worldpay Bankout solution, which now delivers 154 direct bank disbursement destinations (up from 65), and Worldpay FastAccess – enabled by Visa Direct.
With these payment options, partners and customers need no longer wait for days to receive funds or refunds as they now can obtain them via card in near real-time – through a mobile wallet or directly to a local bank account.
Bankout is targeted at businesses needing to make a large number of global payments to – or on behalf of – their customers and suppliers. With 89 new local markets, Worldpay now provides seamless cross-border payouts for businesses in local currencies without the expense of making multiple international bank transfers.
Dynamic payouts allow businesses to make faster, seamless card-based payouts in near-real time within a maximum of 30 minutes. Building on its launch in the United States last year, FastAccess is now available to Worldpay customers in over 50 new markets across Europe and Asia.
The new payment solutions are targeted at wide range of industries. For example, travel and tourism companies and marketplaces can pay out funds to accommodation vendors or disbursements to travellers in a variety of countries and currencies; gaming businesses can provide near-instant payouts to customers; insurance companies can save costs by replacing local checks with bank transfers; and marketplaces can allow independent sellers to retrieve funds more quickly.
First published in FinTech Innovation