Moving money used to be slow and expensive... now there's @ONCE.
Portland, Oregon (PRWEB) March 05, 2012
NetPayment, a Portland, Oregon based Financial Services technology company, announced today the release of @ONCE, the first Real-Time Cardless Financial Network. @ONCE directly connects businesses with nearly 2,000 financial institutions in the US, providing a real-time alternative to the Automated Clearinghouse (ACH) Network, which typically requires 2-3 business days to process checking account payments.
“Notwithstanding all the innovation in payment technology and the growth of mobile and person to person payment apps, the movement of money from banking accounts still relies on a processing model that is essentially 40 years old and in relative terms slow,” said Matt Aman, founder and CEO of NetPayment Corp.
Aman explained: “We built @ONCE to address the limitations of existing payment options. There are card payments, which are fast but expensive, and ACH, which is slow but inexpensive. With @ONCE, businesses get the best of both worlds, fast and inexpensive.”
“We also understand importance of working with financial institutions in executing this idea," continued Aman. “There are many newer technologies out there that are effectively disintermediating financial institutions and their relationships with their customers. We’ve built @ONCE to work in concert with financial institutions and not against them.”
Currently, the @ONCE Network allows direct online billers and payment processors to Verify@ONCE™, or verify the existence and standing of a checking account in real-time, and to Pay@ONCE™, or process account debits and credits in real-time. Verify@ONCE also provides enhanced security verification capabilities, including confirming exact balance, address, and/or DOB and SSN.
“There’s a reason ACH has been around for so long,” said Aman. “This idea is not easy to execute but with so many businesses and financial systems dependent on transacting in real-time, it frankly had to be done. And I’m pleased to say we’re the first.”
NetPayment also announced it has signed its first two customers to utilize @ONCE. NetPayment is a Financial Services technology company which developed and operates the @ONCE Network. For further information, contact press(at)netpaymentcorp(dot)com.
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