Use Cases for Instant Payments
All you have to decide is what to do with the time that is given to you. - Gandalf
Instant payments are electronic payment solutions available 24/7/365, and are processed in real-time and are almost immediately available for recipient’s use. With Tabapay’s wide payments coverage, you can provide a real-time experience for both sending and receiving parties and remove the credit risk for receiving funds.
Card Rails: Visa Direct and MasterCard Moneysend. They are ideal when the debit card information of the recipient is known. In consumer payments, these transaction types are critical for offering a differentiated experience while creating recipient loyalty and satisfaction.
Bank Accounts: Over 162 financial institutions are live on RTP with 20 financial institutions enabled for send capabilities. Together, these financial institutions allow access for 61% of the US’s demand deposit accounts to at least receive an RTP transaction.
|Instant Payment Rail||High-level Features||Transaction Limits||Typical Use Cases|
|Real Time Payment (RTP)|| 24/7 Account to Account
All accounts between participating financial institutions in the RTP network
Remittance, invoice data, etc with interoperability (ISO20022)
* US Only
|Up to $1 Million||B2B, B2SMB, B2C
Insurance, Utilities, Gig Economy, Payroll, Vendor/Supplier Payments
|Push-to Card or Pull from Card|| 24/7 Availability
Payment cards only
Chargeback & dispute processes
|Variable||B2B, B2SMB, B2G, B2C
Online marketplaces, Retail returns and rebates, lending
|Push-to-Account||Coverage for over 150+ countries around the world as endpoints. Push using TabaPay's Unified API to any bank account in the world.||Variable||International money transfer|
|Same Day or Next-Day ACH||ACH Batch||$1,000,000 USD||B2B, B2SMB, B2G, B2C
Urgent payments and government disbursements
|Fed Now (Coming soon)||24/7
Account to Account
Use Cases for Instant Payments
There are many ways TabaPay can help you fulfill your business use cases. This is a growing ecosystem, and applications are far and wide. This table provides you some samples of use cases for instant payments.
Note that the table is not exhaustive, and there are many more use cases in the universe of instant payments - payouts in class action lawsuits, lending, payouts in travel and entertainment, and many more.
|B2B Payments (i.e. Vendor/Supplier Payments)||Businesses wanting to payout to your vendors and suppliers immediately|
|Instant Account Funding and Top-ups||As a traditional bank or neobank, allow your customers to instantly fund their new accounts with you during opening and post-opening.|
|P2P Transfers (Domestic and International)||Allowing consumers to digitally transfer money from one to the other domestically in the US or Canada, or to approved countries|
|Marketplace Payouts||Allowing your merchants, vendors, and others in your payments marketplace instant access to their funds.|
|Payroll/Earned Wage Access||Conducting your payroll efficiently by providing early earned wage access to your employees and contractors - a daily paycheck or spot bonuses as opposed to waiting for a weekly or bimonthly check.|
|Government Funds Disbursements||Enable government disbursements of funds to recipients and avoid wait times for your Small Businesses to receive these funds faster|
|Wallet to Bank Account Transfers||Allowing your consumers to instantly move outstanding balances from their wallets to their bank accounts and by giving them instant access to funds|
|Bill Payments||Allowing consumers to approve bill payments from their consumers’ bank accounts using request for payments (RFP).|
|Gig Economy Payouts||Delight those who power your business (be it a shopper or a deliverer or a driver) with instant access to their funds earned.|
|Managing Retail Returns||As a retailer, instantly returning funds back to your consumers' accounts.|
|Security Deposits||For rental payments, equipment rental, etc where a one-time upfront deposit is required.|
Updated 10 months ago