Canada’s VoPay has teamed up with real-time bank verification service Inverite to deliver an open banking payments solution.
The move seeks to address the challenges that businesses face while complying with several standards for accessing API-based networks.
The collaboration will simplify the process and will enable merchants to offer consumers with access to a streamlined bank payment experience.
Additionally, the single API integration will expedite payments, verifying bank accounts and minimise non-sufficient funds (NSFs).
The partnership is part of the VoPay’s strategy to provide one API to optimise EFT payment processing.
According to the company, VoPay will be connected to 285 financial institutions in the Inverite network.
VoPay founder and CEO Hamed Arbabi said: “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 democratise the new payments reality.”
Inverite Business Development director Lloyd Evetts said: “VoPay is driving innovation in the Canadian payments space. And this partnership allows us to offer our clients reduced friction and improved customer satisfaction while opening new customer segments to VoPay.”
Earlier this year, VoPay partnered with Telpay to expand payment services in Canada.