The company said in a news release that this collaboration builds on Fintainium’s existing partnership with CIT’s treasury and payments services, and leverages CIT’s payments capabilities and the Fintainium cloud-based platform to help small and medium-sized businesses with improved workflow, payment execution and cash-flow support.
“The COVID-19 pandemic has shined a new light on the already strong trend to digitize B2B accounting and payments,” the company said in a news release.
“Fintainium’s robust platform and end-to-end financial workflow automation tools provide businesses better visibility into cash flow, reduce administrative-accounting costs, and increase overall transparency in the payments process.”
With CIT’s help, Fintainium will use Visa Direct, Visa’s real-time push platform, to bring real-time capabilities to the Fintainium technology stack.
The company says the collaboration will allow businesses to move money in real time, merchants to access cash flow daily and consumers to get payouts from Visa debit cards.
“When you combine rich data with the most efficient rails to move money and data, value is created,” said Richard Jackman, CEO of Fintainium. “What we are doing cannot be overstated.”
The company says its collaboration with CIT will let them extend Visa Direct-enabled tools to existing business customers and offer Fintainium’s solution for B2B, B2C and government to business payments, helping them meet new demands for changing payment needs.
Jackman spoke about this changing landscape in an interview with PYMNTS earlier this year, arguing that in addition to automated processes, corporations want to be able to provide a seamless and holistic B2B payments experience, both on the payment and receiving end. It’s a goal that can be achieved, Jackman said, by moving beyond simple transactions.
“It’s no longer just about the payment,” he told PYMNTS. “It’s about the exchange of data and, ultimately, business relationship management.”