The service enables real time payments between businesses and around 2,000 financial institutions in the US (view press release). The solution is an alternative to ACH payments which typically take 2-3 business days to process. Online billers and payment processors can verify the existence and standing of a checking account in real time with Verify@ONCE, and process account debits and credits in real time with Pay@ONCE. Verify@ONCE also provides security verification services such as confirming balance, address and/or DOB.
Matt Aman, founder and CEO of NetPayment Corp says “the movement of money from banking accounts still relies on a processing model that is essentially 40 years old and in relative terms slow… We built @ONCE to address the limitations of existing payment options. There are card payments, which are fast but expensive, and ACH, which is slow but inexpensive. With @ONCE, businesses get the best of both worlds, fast and inexpensive.”
NetPayment claims @ONCE it is the first real time card-less financial network.
Whitepapers
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