VoPay and Inverite strike deal to deliver Open Banking payments in Canada
VoPay, a leader in payments innovation has announced its partnership with Inverite, the first Canadian designed, developed and focused real-time bank verification service, to deliver its Open Banking payments solution with coverage for over 285 Canadian Financial Institutions.
The move towards Open Banking is presenting challenges for business in complying with a range of standards for accessing API-based networks and offering new payment options to consumers. VoPay simplifies the process for merchants by providing a single API integration to banking providers.
As a result of the partnership, business can now offer more consumers access to a streamlined bank payment experience while accelerating payment speed, verifying bank accounts and reducing NSFs.
The partnership is part of VoPay’s ongoing commitment as an open banking payments leader to offer one API to optimize EFT payment processing, in this case for new and existing Inverite customers. Existing customers will be able to take advantage of their existing data integration with Invertie by leveraging their data tokens and have users skip all the authorization access and bank account selection steps, further streamlining the payment check out experience.
Hamed Arbabi, VoPay CEO & Founder, said “We’re excited to add Inverite to our growing list of bank verification partners. Their Canadian credit union coverage is unmatched and will empower more consumers and businesses from coast to coast to benefit from enhanced EFT payments and help democratize the new payments reality.”
“VoPay is driving innovation in the Canadian payments space,” said Lloyd Evetts, Director of Business Development with Inverite, “and this partnership allows us to offer our clients reduced friction and improved customer satisfaction while opening new customer segments to VoPay.”
Through the partnership, VoPay will be connected to Inverite’s network of more than 285 financial institutions, providing the most comprehensive open banking EFT payments solution in Canada.