VoPay, a Canada-based payments platform, announced on Monday it has formed a partnership with real-time bank certification service Inverite to deliver its open banking payment solution to more than 285 Canadian financial institutions. VoPay reported that through the partnership, businesses may now offer more consumers access to a streamlined bank payment experience while accelerating payment speed, verifying bank accounts, and reducing NSFs.
“The partnership is part of VoPay’s ongoing commitment as an open banking payments leader to offer one API to optimize EFT payment processing, in this case for new and existing Inverite customers.”
While sharing more details about the partnership, Hamed Arbabi, VoPay CEO and Founder, stated:
“We’re excited to add Inverite to our growing list of bank verification partners. Their Canadian credit union coverage is unmatched and will empower more consumers and businesses from coast to coast to benefit from enhanced EFT payments and help democratize the new payments reality.”
Lloyd Evetts, Director of Business Development with Inverite, added that the partnership allows the Inverite team to offer their clients “reduced friction and improve customer satisfaction” while opening new customer segments to VoPay.
Founded in 2014, VoPay claims to be a leader in payment innovation, digitizing online bank account payments with speed and transparency. The company’s API connects digital enterprises to banking systems, enabling them to facilitate direct bank account payments just like credit cards.
“The VoPay payments-as-a-service platform is the technology layer that connects marketplaces and digital platforms to pay and accept money directly from any bank account in a fully automated and transparent way.”