Tandym launches Real-time payouts leveraging the RTP network
As we get underway into 2024, we at Tandym wanted to kick off the new year by sharing our latest innovation to enable even better cash flow for our merchants. We have successfully tested and launched real-time payouts for our merchants using the RTP network !
As a part of the vision and to drive the best merchant experience, we have been working hard at figuring out how to get the money to the merchants as quickly as possible. We have direct connection with all of our merchants and so we first enabled a real-time settlement mechanism whereby the funds are guaranteed for the merchants as soon as it’s successfully captured. With this recent feature, we are able to go one step further and instantly payout to the merchants leveraging RTP. This truly opens up all sorts of opportunities to continue paying our merchants even during after-hours and weekends (when banks and ACH networks don’t work) for a truly 24/7 world.
However being pragmatic, merchants aren’t too eager to get payouts after each transaction (reconciliation and operational nightmare for them) but getting away from any sort of T+1, T+2 settlements and payout lags associated is a huge win for our merchants. One of our merchants quipped if we can do payouts for all of their payment methods <3 ...
Lots more cooking up and coming on this front with Fednow and Open banking so stay tuned to Tandym !
#openBanking #RTP #realtimepayments #merchantadvocacy #gotandym #fednow
David Anderson Jennifer (Glaspie) Lundstrom