Payment technology company Alacriti has added digital disbursements feature to its cloud-based Orbipay platform that enables multi-channel electronic billing and payments.
Businesses will be able to use Orbipay Digital Disbursements to directly and quickly send electronic payouts to their payees through ACH.
This process is expected to offer security, as well as cut down the time and costs associated with paper checks.
Alacriti CEO Manish Gurukula said: “Paper checks can represent a significant expense for businesses, especially those that issue payouts frequently, like property and casualty insurance companies.
“Orbipay Digital Disbursements allows businesses to reduce these costs by replacing the manual process of writing paper checks with faster electronic payouts that are deposited directly into payees’ bank accounts.”
The new solution supports straight-through, one-off and recurring disbursements.
It allows business-to-consumer (B2C) payouts, even when payees’ bank account details are not on-file.
In addition, payees can access their payout history and choose to receive email and/or text message alerts and notifications on their payouts.
The solution comes with Payer Portal that provides customer-facing staff with access to payees’ profiles and activity, including reporting linked to historic and upcoming payouts.
Gurukula added: “Orbipay Digital Disbursements is designed to deliver that experience to the payout process as well. The solution facilitates quick, easy, and secure payouts that are built with payees in mind, ultimately leading to more satisfied customers.”