Adyen and InvoiceASAP Team on Instant Deposits
Adyen and InvoiceASAP, an invoicing and payments firm, launched a small-business-focused instant payments partnership.
The collaboration will provide users with instant access to deposited funds, according to a Wednesday (Aug. 21) press release. InvoiceASAP will use Adyen’s Adyen for Platforms solution to let users “sign up, sell and get paid through a single solution.”
“InvoiceASAP is building the most advanced invoice-to-pay solution,” InvoiceASAP CEO Paul Hoeper said in the release. “Adyen gives us access to the most advanced payment products and tools, including [the FedNow® Service]. We are fully focused on providing the fastest velocity of bank deposits for our over 23,000 merchants. By combining Adyen’s instant payouts and new cash-out functionality, we can provide our users with unmatched velocity.”
Adyen was among the first FinTech platforms certified by the Federal Reserve to use the FedNow last summer and is using that certification to help companies like InvoiceASAP move money faster and more efficiently, per the release.
In other FedNow news, PYMNTS wrote Wednesday about a new report from the Federal Reserve showing that FedNow volumes have been “modest” although, “in the long run, instant payments will be a routine part of everyday commerce.”
There’s a price tag, with the Fed report showing that the central bank invested $545 million to implement FedNow.
The new instant payment infrastructure will take time to reap the seeds it has sown — perhaps more than a decade.
In the meantime, the central bank said in the report that it “expects the FedNow Service to achieve its first instance of long-run cost recovery outside the 10-year time frame typically applied to mature services.”
Meanwhile, PYMNTS spoke with Keith Olson, vice president of ACH and online banking at Nuvei, who said earlier this month that FedNow has some accomplishments to trumpet upon its first anniversary, although the killer use case that will move instant payments toward ubiquity has proven elusive.
Beyond the initial signups, he said, “there has not been a massive splash in activity.”
Several issues in financial services — such as push payments — have already been addressed by the launch of The Clearing House’s RTP® Network, which has been around for seven years.
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