Businesses are set to benefit from instant payments from external financial institutions and applications through NorthOne‘s latest adoption of real-time payments.
NorthOne is confirmed as one of the first fintechs to introduce real-time payments for its small business customers.
The neobank is joining the real-time payments network of The Clearing House; achieved in partnership with The Bancorp Bank.
NorthOne is to leverage its newfound position in the network to allow its business customers to recieve payments instantaneously. It also intends to leverage the network to power innovation throughout the development of its products and services.
The competitve advantages associated with the network are to be detailed in an update anticipated by its customers.
With 61 per cent of small businesses struggling due to poor cash flow management, the NorthOne launch of real-time payments is intented to eliminate major payments barriers for the small business industry. In this way, customers are expected to find it easier to send and recieve the money they’re owed.
NorthOne’s co-founder and CEO, Eytan Bensoussan, recognises the launch as “a huge milestone not just for our team but for the fintech industry as a whole.”
For this reason, Bensoussan expects this update to make “a huge difference for our customers.” He elaborates that for small business owners, cash flow and liquidity are paramount.
“By removing payment waiting times, we’re able to free up a frustrating technical bottleneck for our customers, making it easier for them to operate their business efficiently,” he continues.
The announcement of its real-time adoption follows the success of NorthOne’s series B funding round of late last year. In it, the neobank managed to secure $67million in funding.
“We’re building a financial platform that acts as the finance department small businesses could once only dream of,” concludes Bensoussan. “The launch of Real-Time Payments is an important part of that puzzle.”