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Building on its strategy of enabling businesses to offer more, and speedier, options when it comes to disbursements, digital payments firm KyckGlobal Inc. is partnering with ACI Worldwide Inc.
The partnership will enable businesses to initiate payments, such as refunds or insurance claims, to consumers through PayPal, Venmo, ACH, prepaid cards, and push-to-card payments, domestically and internationally. Consumers will also be able to receive payments in cash. The array of payment options is expected to make it easier for businesses to send payments to unbanked consumers, as well those with bank accounts, in the local currency.
One example of a business likely to take advantage of the new payment options is insurance companies that need to quickly send digital payments to their customers, says Sanjay Gupta, head of biller segment for ACI Worldwide.
Push-to-card payments can be made to a consumer’s existing bank-issued debit card, credit card, or prepaid card. The offering is integrated with both Visa and MasterCard, allowing push-to-card payments to the majority of cards issued worldwide, KyckGlobal says.
In addition, disbursements can be sent direct to bank accounts via next-day or same-day ACH, and through instant payments over the card networks. For cash disbursements, consumers pick up their funds through a variety of endpoints, including Walmart and Kroger stores, CVS pharmacies, Ace Cash Express, and thousands of ATMs, according to KyckGlobal.
Companies contracting with ACI for digital disbursements will have two options for implementation. Businesses can use a white-label, cloud-based payer portal through KyckGlobal. ACI Speedpay customers, can add disbursement capabilities in an ACI portal that allows consumers to make payments.
ACI Speedpay, which includes mobile-wallet billing, payment, and notification capabilities, is used by a variety of billers across a range of sectors, including consumer finance, government, education, health care, insurance, telecommunications and cable, subscriptions, and utilities.
“ACI continues to evolve its digital disbursement capabilities, and the partnership with KyckGlobal further strengthens our ability to meet consumers’ needs—enabling them to receive funds quickly, conveniently and through methods that they most prefer,” says Gupta in a prepared statement.
