REPAY Realtime Electronic Payments has unveiled a new service. It will enable direct fund transfer to eligible Visa debit and prepaid cards in real-time.
Visa Direct powers the new service, dubbed Instant Funding. Visa Direct is Visa’s real-time push payments platform.
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Furthermore, using the service, merchants can accept payments and at the same time pay out funds to customers from a single user interface round-the-clock.
REPAY president Shaler Alias said: “With push payments representing nearly a $10 trillion opportunity, REPAY strategically identified the need to offer our Instant Funding product.”
Merchants leveraging Instant Funding can avail REPAY’s dedicated implementation services, premier customer service, along with professional risk management resources.
REPAY VP of product management Chris Arnette said: “Instant Funding will enable our clients to gain efficiencies and to provide a more customer-friendly experience.
“In today’s fast-paced world, it’s all about immediate gratification – and that’s what Instant Funding can provide.”
The latest development comes close on the heels of Thunder Bridge Acquisition’s announcement to buy REPAY.
The merged entity will continue to serve as a publicly-listed company and operate as Repay Holdings Corporation. REPAY CEO, John Morris, Alias and CFO, Tim Murphy will lead the company.
The company expects the deal to wrap up in the second quarter of this year.
