Hi all, Seb here from the Product team at Orum!
For those who are not yet familiar with Orum, we offer the simplest API integration for instant payouts. Our easy-to-integrate API allows you to implement instant payouts into your platform in 2 weeks or less. You save money by avoiding engineering and operating costs, enjoy informed partner support, and gain access to all major rails-creating new revenue streams without costly bank integrations or prolonged compliance.
We recently gave you a deep dive into our unified API, and now I am thrilled to share more about our latest features.
We are excited to announce the launch of three new transfer use cases on our API: Pay by Bank, Disbursements, and B2B Payments. We launched these features to provide you and your customers with more convenient and frictionless ways to send and receive money.
● Pay by Bank provides a simple method for individuals to pay businesses for goods or services using their bank account. This use case serves as a substitute for credit or debit card payments. It’s preferred by some individuals and businesses due to its ability to allow transactions without additional interchange fees or charges often associated with card payments.
● Disbursements provide an easy solution for businesses to transfer funds to an individual’s bank account by using only the individual’s first and last name. This means that a business can pay a person for insurance claims, legal settlements, or loyalty rewards using its own bank account as the source of funds.
● B2B Payments provide a seamless way for businesses to collect or send payments for goods or services. This functionality offers support for everyday use cases such as recurring/subscription payments, accounts receivable, and payments for invoices.
Whether you’re looking for a new payment method for your ecommerce platform, need to make insurance claims payments, or need an easy way to collect payments from other businesses, Orum has you covered.
Why did we add these features?
At Orum, we understand that every business and individual has unique payment needs, which is why we strive to continuously improve our platform. The new transfer use cases were developed based on customer feedback and designed to make payments simple, efficient, and convenient for everyone. By launching these new transfer use cases, we added more options for businesses and individuals to send and receive money. These new use cases add to our foundational offerings, such as access to faster payments via RTP (and soon Fednow), and we have even more exciting features in the pipeline coming soon!
Are you ready to implement instant payouts?
Getting started with Orum is quick and easy. Our customers typically go live in a single sprint or less. If you are interested in implementing our end-to-end payment solution or have any questions regarding our new transfer use cases, please don’t hesitate to reach out to us!