This year, VoPay introduced a series of powerful products, enhanced features and solutions designed to address your most pressing challenges in money movement.
Here's an overview of our top product releases for 2024, covering everything from compliance to business process automation, accounting integration, and cross-border money movement.
VoPay Verify: A Faster, Smarter Bank Account Verification Tool
At the beginning of the year, we introduced VoPay Verify, the first-of-its-kind solution for Canadian and U.S. businesses that allows them to authenticate and verify bank accounts instantly. With VoPay Verify, our clients gain a secure, flexible, and efficient alternative to outdated verification methods.
Instant micro-transactions can be leveraged across EFT/ACH payment rails.
Why It Works
Accelerate Onboarding: Replace multi-day processes with instant account validation, reducing customer drop-offs and onboarding time by up to 50%.
Strengthen Security: Advanced fraud prevention features, including multiple micro-deposits and two-way validation, safeguard your business from unauthorized access.
Easily Integratable: Compatible with both instant payment rails and traditional EFT/ACH, VoPay Verify fits into your existing workflows.
Key Benefits
Minimize payment failures, fraud risks, and operational costs.
Enable faster Time to Value (TTV) by activating customers quickly and securely.
Fully compliant with Canadian and U.S. banking regulations.
Eliminate VOID cheques and manual workflows, reducing friction for businesses and consumers alike.
Real-World Impact
Lending Platforms: Validate borrower accounts instantly, reducing loan approval times while ensuring secure disbursements.
Gig Platforms: Onboard contractors quickly, avoiding payment delays and risks.
Subscription Services: Ensure accurate, recurring payments with verified account details from the start.
eLinx™ Payment Link Technology: Connect & Send Payments at Scale
Core Solution
eLinx™ is a comprehensive payment link solution that enables businesses to securely connect, request, and send payments. Designed to optimize workflows, it provides customizable options to meet diverse payment needs while ensuring data security and compliance.
eConnect: Securely connect customer bank accounts and credit/debit cards using an automated workflow.
ePay: Send funds across multiple payment rails, including EFT and VoPay Instant.
eCollect: Request payments using branded payment links with built-in digital Pre-Authorized Debit (PAD) agreements.
eFlex: Offer flexible payment options, such as installment plans, partial payments, or splitting payments across multiple methods.
Product Features
No-Code/Low-Code Options: Create payment links via API or VoPay Portal without complex development.
Send and Request Payments: Use eLinx to facilitate secure transactions with customers.
Bank Account Connection: Enable users to securely link bank accounts for payments.
Tokenization: Protect sensitive data by securely tokenizing customer bank information for future transactions.
White-Label Branding: Maintain consistent brand identity with customizable payment workflows.
Enhanced Security: Use tokenization and secure workflows to protect sensitive customer data.
Operational Efficiency: Automate payment processes, reducing administrative workload and errors.
Customizable Solutions: Adjust workflows and payment link options to suit specific business requirements.
Compliance Support: Simplify adherence to regulatory requirements with secure data handling.
Real-World Impact
Lender Onboarding: A lender used eLinx to securely capture bank details, reducing data entry errors by 45% and improving transaction traceability. Automated notifications also simplified payment workflows, delivering a25% increase in overall operational efficiency.
Real Estate Transactions: A real estate platform leveraged eLinx to send unique payment links to purchasers, simplifying bank detail capture while ensuring data security through tokenization. This cut errors in half and delivered full transaction traceability.
Restaurant Supply Platform: By integrating eLinx and digital PAD agreements, a restaurant supplier quickly and accurately onboarded 32% of its merchants, minimizing 20% of its administrative workload.
Earned Wage Access (EWA) Provider: eLinx was deployed to automate a high volume of transactions. By tokenizing bank details and eliminating the need for any manual intervention, the organization saw a dramatic reduction in overhead costs and improved operational efficiency. Furthermore, this solution delivered the required assurance, knowing they were compliant with provincial regulations and facilitated a completely secure Know Your Customer (KYC) process.
VoPay 360 connects accounting software with the VoPay platform to automate invoicing, payment collection, reconciliation, and reporting. By bridging payment processing and accounting, it reduces manual work, errors, and reconciliation efforts.
Product Features
1-Click Integrations: Quickly connect accounting platforms like QuickBooks, Xero, Sage, and more, with no coding required.
2-Way Sync: Real-time updates keep accounting and payment records aligned.
Payables Management: View and pay bills directly from the VoPay Portal.
Receivables Management: Request and collect payments with automated workflows.
Partial Payments: Support for partial bill payments with proper recording on both platforms.
Credits: Apply credits for adjustments like returns or overpayments.
Key Benefits
Automated Reconciliation: Payments sync automatically with accounting records, reducing errors and manual tasks.
Real-Time Financial Insights: Integrated systems provide a clear view of cash flow and payment statuses.
Time Savings: Automate invoicing, payment tracking, and ledger updates to free up finance teams for strategic work.
Error Reduction: Accurate syncing minimizes data entry mistakes and improves financial reporting.
Improved Efficiency: Automate AR/AP processes to manage payments, invoices, and reconciliations in one platform.
Scalability: Easily manage increased transaction volumes as the business grows.
Real-World Impact
Property Management: Simplify rent collection and landlord fee payments with automated invoicing and payment tracking.
Insurance Providers: Attach payment requests to invoices for faster bill management and customer collections.
Enterprise: Scale AR/AP management with automated workflows for paying bills and collecting invoices efficiently.
Expanded US Payment Rail Offerings: ACH, Same-Day ACH, and RTP®
In March of 2024, VoPay joined forces with Cross River Bank to give businesses access to key U.S. payment networks. With a dedicated ACH Merchant Account from VoPay, companies can send and collect payments in the U.S., automate payment processes, and validate accounts securely using our API.
Core Solutions
ACH: Affordable, reliable bank-to-bank transfers.
Same-Day ACH: Faster settlements to meet urgent needs.
Real-Time Payments (RTP®): Instant transfers available 24/7.
FedNow® Service and Pull-from-Card provides even more flexibility and speed.
Key Feature of VoPays US ACH Payments
1. Enhanced Security with Tokenization
VoPay Advantage: Security is guaranteed. Transactions can be tokenized, minimizing the risk of data breaches and protecting all sensitive information.
Banks: Traditional bank ACH payments are not tokenized, leaving organizations more vulnerable to security threats.
2. Ideal Credit Card Alternative for Recurring Payments
VoPay Advantage: ACH payments deployed through VoPay ACH provide a low-cost alternative to credit cards. This helps businesses reduce fees while maintaining flexibility for their customers.
Banks: ACH solutions through financial institutions tend to be limited in functionality for recurring payments, often making credit cards the default but more expensive option.
3. Complete Digital-First Experience
VoPay Advantage: VoPay’s API-first platform enables expert integration, automation, and a fully digital experience for both businesses and their customers.
Banks: Bank ACH relies on outdated manual processes. Operational efficiency is nearly impossible with these friction-filled processes.
4. Automated Payment Reconciliation
VoPay Advantage: Payment reconciliation tasks are automated. This eliminates the workforce hours and operational workload often required.
Banks: Manual reconciliation is a standard part of the bank ACH process, increasing the time and resources needed for accurate bookkeeping.
Real-World Benefits
Reduce payment delays by up to70%with Same-Day ACH.
Cut transaction fees by80% compared to card-based payments.
Enhance customer satisfaction with 24/7 RTP® availability.
Free up operational resources by automating payment processes.
Fueled by the strong demand for international money transfers, we announced our partnership with Mastercard® to launch our cross-border products and services in the Canadian market. Leveraging Mastercard’s global network, we have built a comprehensive cross-border payment experience that can be embedded into existing business platforms and services.
XBS Features
Real-time cross-border payments through Mastercard’s trusted network
Send funds in over 60 currencies to 100+ markets
VoPay’s Global Cash Management APIs for building custom workflows
Access our embedded cross-border user interface and workflows
Real-World Benefits
Rapid GTM - Cross-border services can be deployed on your business platform quickly and easily without extensive development.
Payout Flexibility - Funds can be sent internationally to bank accounts, cards, digital wallets, and pick-up points.
Leading Customer Experience - A branded, pre-built, optimized cross-border payment workflow delivers a superior customer experience.
A major upgrade we made to the VoPay Portal was our Transaction Approvals product, which allows teams to implement a robust and scalable approval process for their outgoing transactions.
Protect your business from losses and efficiently review large volumes of transactions without slowing down your cash flow.
Features
Granular Workflows: Setup transaction limits for individual users and apply limits across payment rails to ensure acute control over your outgoing transactions
Approval Hierarchies: To align approval settings with your company’s internal processes, give multiple trusted employees the ability to approve or reject payments.
Transaction Flagging: Get notified when a transaction falls outside the parameters set in your approval workflows.
Bulk Approvals: Approve multiple transactions in a single step using our Bulk Approval feature.
Real World Benefits
Risk Management: Exposure to financial risks such as payments made in error or unauthorized transactions can be reduced to almost zero.
Financial Control: This provides full control over financial activities. It also implements user limits and ensures that high-value transactions can be approved.
Fraud Prevention: Reduce the possibility of fraudulent transactions that are made internally.
VoPay’s product releases aren’t standalone tools—they’re the building blocks of a fully connected ecosystem designed to simplify financial operations.
These products were designed to connect all the moving parts of money movement into one continuous workflow. From the moment a customer’s bank account is verified to the final reconciliation in your accounting software, every step is automated and synchronized. This integration ensures that payments are secure, accurate, and compliant, giving you full visibility of your financial processes.
Our ecosystem is like a set of building blocks for your financial operations. Each block—account verification, payment processing, reconciliation, and compliance—fits together to create a tailored solution for your business. You choose the pieces you need, and they work as one system,
From instant account verification to automated reconciliation and international payment capabilities, each solution works together to simplify complex financial processes.
Businesses must replace outdated systems and manual tasks with connected, customizable tools. With VoPay, you can manage every stage of financial operations, from onboarding to reporting, all in one system.
What’s Next?
In 2025, we’re building on the tools and capabilities that help businesses manage payments faster, easier, and more effectively. Through continued advancements in our AI Fintech Lab, we’re deepening our work with predictive analysis to support smarter decision-making and expanding robotic process automation to further reduce manual tasks. We’re also enhancing product features and forging new partnerships to simplify money movement and uncover new opportunities for growth.
Stay tuned as we continue to deliver solutions that empower businesses to achieve more in the year ahead.
