PNC announced this week that it is offering business clients the ability to send payments to consumers though Visa’s debit push payment solution, Visa Direct. While PNC is not the first bank to integrate push payments into a cash management offering, it does represent the growing adoption of faster payments and the value of an account alias or proxy.
A business using this service can send a payment to a consumer’s account without knowing the checking account details; instead all that is needed is consumer’s more readily available debit card number. Interestingly enough, PNC also supports The Clearing House RTP solution for real-time transactions.
Here’s more about this product launch from Finextra:
“PNC remains committed to expanding our digital payment capabilities and ultimately, transforming the payments industry with solutions that keep business moving,” said Chris Ward, executive vice president and head of product & operations, PNC Treasury Management. “This push-to-debit card payment capability is complementary to our other offerings and will provide convenience, immediacy and payment choice based on our clients’ needs.”
Built through a collaboration between PNC and Visa, through Visa’s real-time2 push payments platform, Visa Direct; Direct to Debit Card looks to bridge the gap in business-to-consumer payments by providing businesses with an easy, convenient way to pay consumers without using bank account numbers or third-party payment apps. This solution routes payments to consumers using their 16-digit debit card number, which are processed in real-time. Companies can utilize Direct to Debit Card for a multitude of business needs, including traditional payroll processing, paying on demand and independent contractor payments.
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group
