Disbursements Tracker – January 2021
January 12, 2021
How can FinTechs and banks collaborate to ensure that they can provide access to the swift, seamless payments that consumers now want and need in this changing environment?
“Historically, banks have viewed FinTechs through an ‘us versus them’ lens — and rightly so, because, in so many cases, the banks were disintermediated or relegated to become ‘dumb vaults’ for the FinTechs they partnered with. However, there is a new game in town the FinTech actually empowers the bank to enable its own services, such as disbursements, for its corporate clients and all the way through to the clients’ end users or recipients. This distributed banking model flourishes because the FinTech, in this case Ingo Money, remains invisible and never enters into a customer relationship with the end user but rather facilitates the technology, payment choices, risk management and customer experiences necessary to delight everyone in the value chain.
This model already enables some of the largest banks and insurance companies in the country today to modernize the way they pay consumers and small businesses with use cases such as claims and vendor payments. The bank strengthens its treasury banking relationships with super-large corporate clients, and the corporate clients get branded customer experiences that delight their recipients while saving them money through lower cost and more modern payout options. In this example, Ingo’s proprietary payment gateway, risk and customer experience tech is seamlessly integrated into both the bank and the corporate systems to make it all seem easy while Ingo remains invisible.
The FinTech operates in the background on behalf of the bank, reaching through to engage with the client’s end user with an experience completely branded for the client, authenticates the end user, pays them to an account of their choosing and at the same time the bank and the client’s customer service with data on where the payment is in the process every step of the way. During the process, the FinTech interfaces with the bank’s deposit and sanctions process to ensure compliance and safety in the transaction.
This hammer can be applied to limitless nails in the corporate and banking ecosystems, such as insurance and government payouts, small business payments, incentive payouts, P2P solutions, tipping payouts and more.”
CEO at Ingo Money
Table of Contents
- WHAT’S INSIDE
The latest disbursements developments, including how the pandemic is affecting the lending industry and pushing digital disbursements forward
- FEATURE STORY
An interview with Tim Elkins, chief production officer for home lender and refinancing firm PrimeLending, on how the pandemic has accelerated borrowers’ digital expectations for mortgages and home loans and how lenders can help meet these evolving disbursement needs
- NEWS AND TRENDS
Recent disbursements headlines, including why the number of microfinancing users is predicted to reach 336 million globally by 2025 and why California is introducing a bill to add digital deposit options for unemployment disbursements
- DEEP DIVE
An analysis of how lenders can meet or exceed consumers’ disbursement expectations and the role that instant payment technologies can play in this space
- PROVIDER DIRECTORY
A look at the top disbursements companies, including one addition
// Related Resources
Disbursements Tracker – August 2021 Rise of P2P Payments and Why Interoperability is Key to Even Greater Growth
A look at recent disbursements developments, including why P2P payments are becoming more valuable to consumers and businesses alike and how these solutions are poised to grow even more popular in the years ahead.
Disbursements Tracker – July 2021 Bringing Faster Digital Payouts to Gaming and Gambling Platforms
A look at recent disbursement developments, including the challenges involved in bringing faster digital payouts to gaming and gambling platforms and how instant disbursements can solve these pain points.
Disbursements Tracker – May 2021 Digital Marketplaces Tap Instant Payouts To Keep Sellers Satisfied
A look at global disbursement shifts, including why eCommerce marketplaces should begin supporting instant payments for sellers as the pandemic impacts consumers’ spending and businesses’ disbursement needs.