Fiserv’s Carat has expanded its digital payout options to businesses to facilitate payments to PayPal and Venmo accounts.
The move is aimed at enabling businesses that deliver mass payouts to offer additional choice in how customers quickly receive funds.
According to Fiserv, it will allow businesses with payout-heavy infrastructure, such as insurers, to deliver payouts to PayPal or Venmo accounts.
Fiserv head of Carat and Digital Commerce Nandan Sheth said: “With the addition of payouts to PayPal and Venmo accounts via our Carat ecosystem, businesses can benefit from enhanced visibility of their brand via a logo, tagline or customised message in Venmo’s social payments platform.”
“This provides our clients with a unique opportunity to drive next generation customer experiences, with the simplicity of doing so at scale through a single API,” Sheth added.
Digital payout capabilities are said to be part of the Carat omnichannel commerce ecosystem.
It currently carries out almost $1bn in digital payouts each month through exclusive payout options and direct bank connections.
In addition to payouts to digital wallets, businesses will be able to disburse digital payouts using consumer’s credit or debit card, ACH, prepaid card, as well as digital check.
PayPal senior vice president of partnerships Dan Leberman said: “With more than 400 million active accounts on the PayPal and Venmo platforms, we are able to provide companies with a fast, easy, and cost effective way to send money in situations such as insurance payouts or other disbursements.
“This integration is the next step in our long standing partnership with Fiserv and will provide substantial value to enterprises that need to send money directly to customers.”
In April this year, Fiserv rolled out new functionality to support in-demand digital payment options and expand touch-free payment capabilities via a new relationship with PayPal.