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NorthOne is confirmed as one of the first fintech companies to introduce real-time payments for small business customers.
Neobank joins real-time payment network clearing houseachieved in partnership with bancorp bank.
NorthOne will leverage its new position within the network to enable business customers to receive payments instantly. It also intends to leverage the network to foster innovation across product and service development.
Competitive advantages associated with the network will be detailed in updates expected by its customers.
NorthOne’s launch of real-time payments aims to remove a major payment barrier in the small business industry, as 61% of small businesses struggle due to poor cash flow management. In this way, customers are expected to easily send and receive the money they owe.
Co-founder and CEO of NorthOne, Eitan Benso-sanrecognizes the launch as a huge milestone not only for our team, but for the fintech industry as a whole.
For this reason, Bensoussan hopes the update will make a “big difference for our customers.” He details how cash flow and liquidity are of paramount importance to small business owners.
By eliminating waiting times for payments, we can eliminate frustrating technical bottlenecks for our customers and make it easier for us to run our business efficiently, he continues.
The real-time adoption announcement follows the success of NorthOne. Series B funding round end of last year. In it, neobanks managed to secure $67 million in funding.
We are building a treasury platform that acts as a treasury department that small businesses could only dream of, concludes Bensoussan. The launch of real-time payments is a key piece of that puzzle.
