Payment solutions provider VoPay has partnered with fintech firm Plaid to offer its payment solution to businesses in North America.
Consumers in the region can now pay online with their bank account. VoPay will link to Plaid’s network of more than 15,000 financial institutions to enable the online bank account payments.
VoPay provides a payments-as-a-service platform that connects digital platforms to banking systems for direct account-to-account payments. The process is claimed to be transparent and cost-effective.
The platform allows sending and acceptance of bulk as well as scheduled payments.
Through the alliance with Plaid, VoPay aims to provide its payment services to North American customers. The company expects its solution to reduce costs and improve transparency.
VoPay added that consumers will gain better insights and access to their financial data, as part of the collaboration.
VoPay CEO Hamed Arbabi said: “Collaborating with industry leaders, such as Plaid, allows us to provide a robust solution that can ease the payments pain points of businesses across North America while reducing fees and saving them money.
“Our goal is to allow businesses to grow and better deliver financial services to customers.”
Plaid head of Partnerships Lowell Putnam added: “The ability to make payments directly from a bank account transfer is extremely valuable for many merchants, but especially for marketplaces and platforms.
“Businesses can increase processing velocity and reduce errors — making payments faster, safer, and more accurate.”