Fintech

Payment speed has never been more top of mind or important than now. In a recent PayPal survey, it found that 76% of small businesses in the U.S. have reported they are struggling with cash-flow shortages and 91% said having real-time payments could help with some of that. Organizations like Payments Canada and Nacha are working with their respective payment networks to usher in real-time payments for both consumers and businesses. At VoPay we’re also committed to improving payment speed and offer several different payment services that have varying funding times. Let’s have a look:

EFT / ACH, Intelligent EFT / ACH (iQ11) and Bulk Interact e-Transfer are all available through VoPay’s single API or payments platform. Learn more here.

As the pandemic continues so does the financial and operational stress for small business owners across North America. Businesses are turning to digital payment solutions to improve cash flow and modernize their payment systems. Let’s have a closer look at how COVID-19 has spurred digital payments adoption across the entire ecosystem:

We continue to defer our setup fee for small businesses so they can digitize there online bank account payments with speed and transparency. Learn more here.

The numbers below make it clear there is still a significant opportunity to optimize the entire accounts payable process. From eliminating paper invoices to paper checks, the urgency to shift to a paperless back office has never been greater. Let’s take a look a the current state of the accounts payable:

VoPay offers several payment services that make it quick and simple to move to a 100% paperless accounts payable process. In fact, our payment solution offers real-time payments, bank account verification and full visibility into each transaction with enhanced reporting. The paperless revolution is here!

We looked the 8 most common payment methods used in Canada. Cheque and EFT payment values clearly eclipses all other payment methods by a significant margin. These numbers are mainly driven by account to account payments by businesses and present a significant opportunity for modernization. It’s important to keep in mind that these Payment Canada numbers are from 2018 so we can expect cheque payment value to continue to decrease and shift to other payment methods.

VoPay’s next generation EFT payment service will help support businesses in finding new efficiencies including improved cash flow through faster funding times, bank account verification for added security and account balance visibility to decrease NSFs. Learn more here about our enhanced EFT payment services and everything else we have to offer to make your business run better.

This month the Bank of Canada designated Interac e‑Transfer as a prominent payment system which means the payment service will now be regulated by the Bank of Canada and highlights the importance of digital payments for both consumers and businesses, particularly during the pandemic.

In 2019 Interac’s e-Transfer system recorded approximately 486 million transactions worth about $169 billion. Those numbers are expected to dramatically increase in 2020 for both consumers and businesses with the current trends we’re seeing:

E-Transfers can allow businesses to move blocks of money around at a low cost and can provide a cheaper alternative to credit cards and offer much faster funding times then EFT payments. VoPay offers bulk e-transfer for business through its developer friendly API or directly through its payment portal. Learn more here.

EFT and bulk e-Transfer payments are both ways for business to seamlessly send money to customers and manage accounts payable. We decided to put the two payment services side by side for comparison. Which one do you prefer?

Both EFT and bulk e-Transfer payments are available through our API and payment portal along with Intelligent EFT (iQ11), our industry leading open banking payments solution. Learn more here!

In a recent infographic we looked at some of the open banking gains seen around the world including an expected growth rate of 24.4% by 2026 reaching $43.1 billion in value. Lets look at North American companies and organizations who are helping move open banking forward to create a consumer friendly future for financial data that is secure and helps deliver exceptional products and services.

We’ve listed everyone below that’s included in the graphic above for your browsing convenience. Want to be included in VoPay’s next ‘Open Banking Movers & Shakers’ list? Send us an email at: press@vopay.com

Data Networks

•  Envestnet Yodlee

• Flinks

• Fiserv

• Plaid

• MX

• Inverite

• Direct ID

• M Science

KYC/AML

• Equifax

• Experian

• Transunion

• Trulioo

Lending

• Quicken Loans

• Kabbage

Spending / Savings

• Mogo

• EQ Bank

• Petal

Payment-as-a-Service

• Interac

• VoPay

• Trustly

Investing

• Betterment

• Morningstar

• Wealthica 

• Quest Trade

Accounting

• Xero

• Intuit

Policy

• FDATA North America

• Fintech Growth Syndicate

• Canadian Lenders Association

Significant pain points persist with business payments but with continued growth in open banking adoption more business then ever are realizing the benefits of embracing the technology. Open banking is projected to have continued growth well into the future. Let’s have a look at some of the numbers below in our latest infographic:

Help Shape The Future of Open Banking

VoPay is a proud FDATA North America member. Learn about membership benefits here.

Welcome to our new ONE:ONE blog series where we sit down with thought leaders and pioneers in the fintech, payments and open banking space.

Our first chat is with Lloyd Evetts, Director of Business Development at Inverite, a leading open banking provider with coverage for over 275 Canadian Financial Institutions. 

Q&A

1. What’s one thing everyone should know about Inverite?

My two partners and myself have each been involved in Financial Technology for over 20 years in payments, lending and now data aggregation.  One of the first questions I’m usually asked is how we have support for so many more FI’s than anyone else – experience goes a long way!

2. What’s your role at Inverite?

My role here is split between product management, business development and operations.  My background in IT has proven to be a great strength too, I work very closely with both our and our client’s technology teams and understand what goes into an integration and how the data is used.

3. What gets you most excited about the VoPay Inverite partnership?

I think the payments space is poised to see the same kind of radical change that we saw in credit decisioning with the introduction of open banking, and I think VoPay is at the forefront.  I’m excited to see how our data and coverage can help them innovate.

4. What does the future of open banking look like?

I’m optimistic that we’ll see a collaborative landscape where the incumbent FI’s and Fintech’s work together and we really unlock the potential of open banking and consumer-directed finance.  We all know the regulatory track has been delayed with COVID-19 but there is important progress being made by industry lead organizations.

5. Who is your fintech/ tech hero and why?

Eva Wong.  Borrowell was one of the first major Canadian players to really see the potential of a data driven approach and invest in data science.   I’m continuously surprised and impressed by how they leverage alternative data in their new products and finally also their involvement with groups like the Canadian Lenders Association who promote ethical lending practices.   

Learn more here about the VoPay + Inverite partnership.

We’ve teamed up with top financial data providers to deliver our industry leading open banking payments solution that allows you to accept instant bank account verification payments, improve payment speed and reduce NSFs.

Let’s have a closer look at each of our data integration partners who are a part of the VoPay API that’s designed to optimize EFT payment processing:

Plaid

Plaid is focused on democratizing financial services through technology. They provide developers with the tools they need to create easy and accessible experiences for their users. Today, tens of millions of people in North America (and counting) have successfully connected their accounts to apps they love using Plaid.

Learn more about the VoPay + Plaid integration here.

Flinks

Flinks empowers businesses to connect their users with financial services they want. Trusted by hundreds of world-class companies, Flinks enables businesses to connect users’ bank accounts, enrich their data, and utilize it to deliver better products. An award-winning company, Flinks has become the leader in financial data connectivity in just three years.

Learn more about the VoPay + Flinks integration here.

Inverite

With support for over 285 Canadian financial institutions Inverite is the data provider of choice for many of Canada’s leading companies offering innovative, secure and cost-effective banking verification solutions to the financial services industry for income verification, credit decisioning, fraud reduction, and KYC/AML purposes.

Learn more about the Vopay + Inverite integration here.

More to come

We’ll be adding additional partners in the future so keep an eye out on our newsroom for announcements!