Hi all, Julie and Emily here.
One question we get asked a lot is what is and is not customizable to the end user when partnering with Orum. If you decide to work with us, what control are you keeping and what control are you sacrificing over the end user’s experience? For quick background, Orum powers faster payments with fully-automated payment orchestration available 24/7/365 through the embeddable API. From payouts to deposits to transfers, we’re here to help!
Let’s dive in.
The pace at which money moves is crucial for everyone involved. That’s why we created several ways for our customers to customize this portion of the experience. Speed can be dictated by you and/or the end user.
- What speed do you want payments to move at?
- Is there a hold time for transactions?
These are all things that you as our customer have control over in our API.
This customization is important because you want the end user to get what they are expecting from your platform. For instance, if you’re advertising or charging users to access funds instantly, it’s important that we at Orum are powering that experience and giving you control to create the optimal experience for the end user.
Another example would be loan issuing. With Orum, it’s possible for a loan applicant to get their loan payment in 30 seconds or less, giving the applicant instant access to important funds. Or for crypto, oftentimes we can give your customers shorter hold times for the payout following the conversion from crypto to fiat.
Oftentimes, our competitors only have access to ACH rails, so their customers can’t customize between rails and there’s no access to real time payouts.
Onboarding and transaction labels
Let’s talk about onboarding. It’s your customer’s first experience with you, and that’s why we want you to remain in full control. This will stay unchanged, with your end user not seeing Orum’s name on any form fills. Some competitors want more control over the onboarding, but we’ve found that our customers prefer to retain ownership. If you already have a KYC /KYB program, that’s great, you can leverage your existing program for onboarding. If you want to use our KYC service, that’s great too! We can help to design an onboarding experience that’s perfect for your end users, knowing that everyone is different.
On top of that, you can customize what your users will see on their bank statement when a payment comes through. For example, when a customer withdraws funds from a Public.com account via RTP, the payment should show up on their bank statement as “RTP received from Public.” In the account descriptor area of our API, you can type in what you want to appear. Not all providers in our space allow their customers to do this, but we’ve seen this help tremendously with customer confusion around transactions.
Here’s the direct snippet from our API documentation:
Want to learn more? Request our API docs here!