Identifying and solving key aspects of global payments friction via the 2022 Global Payment Survey
Rapid Bank Transfer API Enables Instant Payments
New API to transfer funds instantly in the US – just enter debit card details. Use the Rapid Bank Transfer option to move money from wallets to US banks in seconds.
XTRM announces availability of Rapid Bank Transfer API
Same-day payment receipt is no longer an anomaly. ACH transfers can take 1-3 days and for many users, any delays can be costly.
According to a recent report from PYMNTS.com, “Consumers’ use of instant disbursements is growing faster than any other method of receipt… growing threefold over the past year and nearly fivefold since 2018, with 17 percent of all disbursements having been received via instant payment.”
- 50% more consumers than did one year ago say that they know what instant payments are.
- 46% say they would choose to receive instant disbursements if they had the choice.
- 33% say that they would pay extra to receive instant payments (more than double the amount who said they would in 2020).
People want to access their funds now – to pay the bills, to invest, to do a variety of things that can’t be done with funds in a digital wallet or on a virtual prepaid debit card.
So it’s no surprise that we’ve seen widespread use of the instant payment choice by XTRM payees using XTRM Rapid Bank Transfer to instantly transfer funds from their digital wallet to their bank or credit union account by simply entering a connected Visa or MasterCard debit card and the amount requested. Deposits are immediate – no more waiting for the EFT to clear at their bank!
And now, with the introduction of the Rapid Bank Transfer API, XTRM partners and developers can offer instant bank transfers in their apps and stay ahead of the curve on this important trend, as it’s certain to grow for more and more B2C and B2B2C use cases.