Onbe, a market-leading corporate disbursements platform, announced today that it has accepted the invitation to join the U.S. Faster Payments Council (FPC), an industry-led membership organization dedicated to advancing faster payments in the United States. Onbe is one of the first corporate disbursement platforms to join the FPC, connecting with banks, software companies and corporations seeking to realize and promote the advantages of faster payments for businesses, financial institutions and consumers?including cost savings, efficiency, risk reduction, choice and immediate gratification.
The FPC was established in 2018 to use a collaborative, problem-solving approach to promoting the adoption of real-time payments in the U.S. Driving creation of key infrastructure for real-time payments is key to ensuring U.S. businesses stay competitive globally. Onbe joins Mastercard, JPMorgan Chase and Microsoft in the FPC's growing member base as they discuss and work to overcome barriers to real-time payments adoption, including the need for smoother integration with legacy corporate disbursement systems.
"At Onbe, we focus on our clients and their customers?designing products, delivering diverse payment types and leveraging the payment experience to engage their end users," said David Josephs, President and Chief Operating Officer of Onbe. "Onbe provides comprehensive solutions that help corporations deliver payments however they need. Real-time payments represent the next generation of options for corporate disbursements. The opportunity to collaborate with other companies working to make real-time payments a reality?and actively shape the future of faster payments and advocate for our clients' best interests in this space?made joining the FPC an easy decision."
Real-time payments enable advanced security features, transparency and consumer choice, equipping organizations to more securely deliver and track payments, as well as offer an improved experience for recipients. Companies that are still using expensive paper-based payments have the opportunity to operate more sustainably with digital solutions, while significantly lowering costs, paper waste and processing time. Research from Deloitte found that a typical high-income economy could save $87 million USD after using real-time payments for five years. When working with a disbursements company such as Onbe, organizations can not only achieve faster, more cost-efficient payments, but reduce the burden of administrative tasks including escheatment management and customer service, as well as unlock new ways to engage payment recipients through personalized experiences and promotions.
"Onbe specializes in corporate disbursement use cases that can benefit from real-time payments?such as paying freelance workforces and offering instant disbursement solutions to recipients," said Reed Luhtanen, Executive Director of the FPC. "They have a nuanced grasp of why faster payments matter in every area of work and life, but particularly when it comes to building and managing impactful corporate payments programs. We are thrilled that they are adding their voice to the conversation about the advantages and opportunities that come with real-time payments."
Onbe has a 25-year track record of delivering innovative payments solutions on behalf of corporations. Onbe's products feature digital payment options including instant virtual prepaid cards, physical prepaid cards, push-to-card, Same Day ACH and faster global transfers.
Onbe, with offices in Chicago, Philadelphia and London, creates engaging corporate disbursement experiences on behalf of modern brands for consumers, workforces and marketplaces, delivering value beyond currency. Backed by top-tier investors and with over 25 years of industry experience, Onbe's team of experts and purpose-built payment issuing platform seamlessly connect brands to their constituents around the world. www.onbe.com
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