Orum has announced a strategic partnership with Visa Direct to enhance its payment capabilities in the U.S., offering customers real-time fund transfers through the company's Deliver API. This innovative solution aims to simplify and expedite the money movement for businesses and consumers alike.
"At Orum, our mission is to make money move – we are thrilled to add Visa Direct to Orum’s Deliver API," said Stephany Kirkpatrick, Founder and CEO of Orum. The integration will enable businesses to reach up to 99% of U.S. bank accounts through a linked debit card, enhancing their overall payment processing experience.
Orum’s Deliver API stands out by allowing businesses and financial institutions to efficiently integrate into a single API that orchestrates payments using Visa Direct alongside other local real-time payment options. This flexibility is crucial in today’s fast-paced financial environment.
"We share a joint vision with Orum of making money movement simple, fast, and secure for everyone, everywhere," stated Yanilsa Gonzalez-Ore, Senior Vice President, Money Movement North America at Visa. By incorporating Visa Direct into Orum’s service, they aim to facilitate a range of transactions including payouts to businesses, consumers, and gig economy workers.
This partnership is set to enhance Orum’s existing offerings significantly. The Deliver API provides businesses with an efficient way to manage payments at scale, utilizing Visa Direct to reach millions. It also enhances Orum’s 'Direct to Fed' service, which connects directly to the Federal Reserve’s payment rails.
"We’ve heard our customers loud and clear, and built this game-changing solution to empower businesses to move money across millions of additional accounts," Kirkpatrick added. The emphasis on customer feedback signifies Orum's commitment to addressing user needs in the evolving payment landscape.
The Deliver API not only optimizes payment processes but also modernizes outdated methods, allowing businesses to push and pull payments directly to users' bank accounts or debit cards. Customers can expect faster, more reliable transactions while also benefiting from bank-rate pricing and extended processing windows.
Orum is further enhancing its offerings by integrating its Verify solution, which instantly validates bank account ownership, ensuring that accounts are open, valid, and suitable for receiving payments. This innovation is designed to provide businesses with peace of mind when facilitating transactions.
The collaboration with Visa marks a significant step for Orum, which has received substantial backing, raising over $82 million from notable investors. This investment is aimed at empowering organizations to provide new payment experiences, thereby attracting and retaining customers in a competitive market.
In an age where speed and efficiency are paramount in financial transactions, Orum's partnership with Visa Direct positions it as a frontrunner in the fintech landscape. The technology created from this alliance is expected to help propel businesses into a new era of instantaneous monetary movements, democratizing access to essential financial services for a broader audience.
As the demand for real-time payments continues to grow, Orum's enhanced offerings through Visa Direct will likely play a pivotal role in shaping the future of payment technologies, ensuring that moving money becomes simpler and more efficient for everyone involved.