XTRM Product Update - March, 2021
Announcing: Rapid Bank Transfers Now Available for US Payees of US Remitter Companies
XTRM Partners and Company Remitters: Are your payees looking for same-day access to their funds? If so, with the introduction of Rapid Bank Transfer, they can now choose to do so! Your payees now have two options for transferring funds to their bank account:
- Standard Bank Transfer: Funds post to their account in 1-5 business days
- Rapid Bank Transfer: Funds post instantly and are available immediately
With the introduction of Rapid Bank Transfers, US Payees can now, at their sole discretion, transfer any balance in their XTRM digital wallet instantly to their debit card for immediate use. Standard Bank Transfers remain unchanged.
There are no changes required by XTRM Partners or Remitter Companies to add this option. Payments sent to Beneficiary Payees are still received in their digital wallet instantly whenever XTRM Remitter payments are processed. Once the funds are in their digital wallet, Payees can elect the Rapid Bank Transfer payment method if they would like to receive payment instantly.
In keeping with XTRM's philosophy to, whenever practical, provide payees with the choice for how they would like to receive payment, their choices now for transfer to a linked bank or debit card are two-fold:
1. Need my funds today? Not a problem.
Select “Rapid Bank Transfer” and then:
- Select or enter a Visa or MasterCard debit card connected to your bank or credit union account
- Enter the amount and approve the fee (1% of the amount transferred plus $.30 up to a maximum of $10.00 per transfer)
- Look for the deposit immediately
2. Don’t want to be assessed any fees? Not a problem.
Select “Standard Bank Transfer” and then:
- Select your bank account from the dropdown
- Enter the amount and approve the transaction
- Look for the deposit in your bank account in 1-5 business days.
Both remitters and payees can find additional details in the XTRM Help Center.
In summary, it’s nice to have options!