BROOKFIELD, Wis.— Fiserv announced its Carat solution has expanded the digital payout options available to businesses to include payments to PayPal and Venmo accounts.
According to the company, the innovation allows businesses that deliver mass payouts to provide additional choice in how customers quickly receive funds, while also unlocking new opportunities to market their brands through a social community such as Venmo.
“As consumers increasingly adopt digital wallets, it has become important for businesses to provide the convenience of payouts directly into a consumer’s preferred account or wallet,” Fiserv said.
For businesses operating in verticals with payout-heavy infrastructure, such as insurance, the ability to deliver payouts at scale to PayPal or Venmo accounts can be a significant differentiator, Fiserv added.
“Fiserv is helping organizations across the globe move money and information with the speed, flexibility, and convenience that today’s consumer is demanding,” said Nandan Sheth, head of Carat and digital commerce at Fiserv. “With the addition of payouts to PayPal and Venmo accounts via our Carat ecosystem, businesses can benefit from enhanced visibility of their brand via a logo, tagline or customized message in Venmo’s social payments platform. This provides our clients with a unique opportunity to drive next generation customer experiences, with the simplicity of doing so at scale through a single API.”
Fiserv said digital payouts are part of the Carat omnichannel commerce ecosystem that more securely delivers pay-in and payout opportunities across the most popular channels and devices.
‘Pre-Integrated Solutions’
“Through simple API access, Carat enables clients to easily access pre-integrated solutions – such as digital payouts – that allow businesses to imagine and realize cutting-edge customer journeys,” the company said. “Digital payouts can also help businesses save time and money with a comprehensive solution that reduces operating costs associated with delivering paper checks.”
According to Fiserv, Carat currently executes nearly $1 billion in digital payouts a month via exclusive payout options and direct bank connections. In addition to payouts to digital wallets such as PayPal and Venmo, businesses can disburse digital payouts via a consumer’s credit or debit card, ACH, prepaid card, or even a digital check.