If your platform users can take out their money quickly, you will have a competitive advantage. Whether you are managing a marketplace or a participatory funding platform, your users will be pleased to receive their funds fast and feel more loyal as a result. This is why the payment services provider Lemonway offers its partners the chance to use Faster Money-Out – a highly effective feature that reduces payment receipt times. Find out how it works...
Why it's essential to reduce payment processing times
With the financial services market booming, payments must be processed as quickly as possible. On marketplaces and participatory funding platforms, sellers and borrowers rely on funds moving fast so they can manage their finances properly. However, when marketplaces have to send money to their sellers, payment processing can take 2 to 6 days...
Lemonway has partnered with international blockchain payment solution Ripple to create a way to receive funds within a few hours or even seconds to solve the problem. While the technology is currently only available in euros, we will extend it to other currencies in the future.
How Faster Money-Out works
When your platform users want to take out their balance, they will submit a money-out request. With a conventional money-out, requests then go through a standard payment corridor via the BNP Paribas network (Lemonway's partner bank). Funds can then take 2 to 6 working days to be transferred to the recipient bank account. However, with Faster Money-Out, the money travels via Ripple. Unlike BNP, Ripple isn't a bank: it's a connector of financial institutions that transfers information from point A to point B and is connected to a network of banks offering Faster Money-Out.
Via this network, payment can be sent in just a few seconds (vs several days using the standard channel. And this is what we call Faster Money-Out. If the issuing and recipient banks aren't both part of the instant network, Faster Money-Out can be used. Your money will take just a few hours to transfer in this situation. Over 9000 banking institutions worldwide have joined the Faster Money-Out network, including Barclays, ING Direct, LCL, Volksbank, La Banque Postale, Crédit Agricole, Bank of America and Bank of China. The list promises to grow further as quick payment receipt is so essential.
What's more, Faster Money-Out works using an API. This means you can track funds' every move with precise statistics and data and is more transparent. The final advantage is that with Faster Money-Out, your platform name appears as the sender. Thanks to Ripple’s partnership, Lemonway is one of the few PSPs to allow such fast payment receipt. If you're interested in Faster Money-Out, please tell your Account Manager. If you're not yet working with Lemonway, please contact us to talk about your needs!
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