Real-time Loan Funding: Three Critical Best Practices For Push Payments
September 4, 2018
Running 26 miles makes you a marathoner however the last .2 miles are perhaps the most critical part of the race. That same “last mile” conundrum is one that haunts many industries today.
Digital technologies and consumer expectations have transformed entire sectors. Need a place to eat? Look it up on a phone. Have a trivia question? Ask a virtual assistant. Want to get a loan, be reimbursed for a company expense, or use your insurance payout?
Better pull up a chair and plan to wait. Transactions involving disbursements have not kept pace with evolution in other industries. This is because legacy financial transactions like paper checks and ACH take time, slowing down the last mile and turning what might be a fast experience – such as submitting an auto claim or applying for a loan – into a slow crawl while waiting for final proceeds to become available.
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