Most financial institutions, businesses and government entities need to send payments, such as auto loan funding, insurance claims, refunds and rebates, to their customers, clients or business partners.
But checks are expensive
Of consumers have lost money because they forgot to cash or deposit a check
Of customers prefer digital payments because they receive money faster
Of millenials prefer digital B2C payments over checks
Insurance claim payments
Payment to sellers in online marketplaces
Payment to freelancers and gig workers
Speed of payment
Cost of service
Flexibility in digital payment options
Ease of implementation
Send funds to an email address or phone number
Digital Disbursements enables you to send mass payouts via a simple, secure process that needs only basic information from payees. And, payments can be settled into recipient accounts in minutes instead of days.
How? The organization follows established business processes for approving payments, and when payments are ready to be sent, the organization uses an application programming interface (API) to send them. You choose the payment timing, delivery speed and send method; Fiserv manages the payment process.
Digital Disbursements gives you the flexibility to send payments in multiple ways. You choose how to send the payment based on the information you have on your customer and your preferences. You can also send your payees to a secure payee portal site where they can easily provide account information and collect their funds using their preferred payment method.
For more information, listen to "Fiserv Goes Direct With Disbursements" podcast, read the latest blog, A better Way to Pay Consumers: Making the Move to Digital Disbursements or watch the video to learn more about Digital Disbursements.