Payouts Network, Payix Collaborate to Offer Speedy Loan Funding
Why Wait When Instant Payouts Provides near-Real Time Disbursement
Payouts Network and Payix have teamed up to help consumers and businesses get the money they need in seconds. Payouts Network’s Instant Payouts solution will allow Payix clients to fund loans in near real time. Payix is a leading provider of white-labeled collection tools and payment processing services to lenders and loan servicers. The company has selected Payouts Network, the fintech services company leading the revolution in new and better payout capabilities, to give their clients even better ways to serve their lending customers.
With Payouts Network Instant Payouts solution, lenders can now make payments available almost instantaneously without physical interaction and without requiring recipients to share their sensitive banking account details. This new digital disbursement capability gives lenders better cash flow management and helps their customers with quicker loan funding. For consumers, this allows them to complete last minute and emergency payments in near real time, avoiding late fees, overdrafts and damage to their credit score without the reliance on short-term, costly financing.
“The check is no longer in the mail,” said Keith Smith, President and CEO of Payouts Network. “Who has time to wait? Consumers and businesses are shifting away from cash and checks, which involve manual processes that are time-consuming and expensive for lenders to support. With Payix, we are helping lenders and loan servicers make payments easier and improving the consumer experience.”
Payix is among the first in the nation to offer near real-time funding to its clients and their borrowers by integrating Payouts Network’s solution into its platform. “Consumer preferences are changing. Consumers want easy processes and fast access to their money. With the addition of Instant Payouts to our capabilities, lenders can disburse funds to borrowers almost immediately after loan approval,” explained Payix Co-Founder and COO Preston Cecil.
This innovation comes at a time when the global digital lending market is booming. According to Grand View Research, the market was valued at US $4.87 billion in 2020 and is expected to expand at a compound annual growth rate of 24% through 2028.
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