
VolPay Channel : Beneficiary Portal
This feature is upgradeable
For End Users
You can activate this feature and other links for ALL VENDORS with a VendorMatch Premium subscription. Additionally you can gain access to an increased depth of data, summary reports, RFX reports (detailed completed RFIs - available to financial institutions only) and comparison grids. Please click here for more information on Premium features.
For Vendors
Vendors can activate their links and gain access to analytics by upgrading to VendorMatch PRO. Please click here for more information
Speak with an analyst
Financial institutions and their advisors can subscribe to our Analyst Access* service. Effectively phone or (email) a friend you can have on tap advice and support provided by our analysts on this vendor, solution or solution category.
HOW TO SUBSCRIBE
To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information on Premium features
or contact us to discuss a subscription.
Subject to reasonable use.
Survey Summary
The Survey Summary provides a download of the vendor profile, solution profile and the VendorMatch Discovery survey vendor responses used to power the directory. All responses are provided by the vendor online.
Note that this report is a high level summary of the vendor's credentials and a solution's capabilities designed to assist with solution short-listing. The RFX report is the more comprehensive Request For Information report designed to support evaluation and selection, this will only show where the vendor has completed the "RFX" RFI.
HOW TO SUBSCRIBE
To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information on Premium features or contact us to discuss a subscription.
RFX Report
The RFX report is an XLS download of the Vendors response to the “RFX” Request for Information for this solution.
The RFX is a centralized golden copy of a RFI authored by our analysts based on their expertise in running real-life system evaluation and selection projects and completed by the vendor online.
Note to protect vendor that only Financial Institutions and recognized Advisor can subscribe to this feature.
In each instance the first time the link is used the user requests permission to access the RFX report and it is the vendor who is required to authorizes access. You will be alerted when the vendor has reviewed your request and granted permission.
HOW TO SUBSCRIBE
You can activate this feature with a VendorMatch Premium subscription. Please click here for more information on Premium features or contact us to discuss a subscription.
To learn more about subscribing to our service options, please contact us here
This feature is upgradeable
For End Users
You can activate this feature and other links for ALL VENDORS with a VendorMatch Premium subscription. Additionally you can gain access to an increased depth of data, summary reports, RFX reports (detailed completed RFIs - available to financial institutions only) and comparison grids. Please click here for more information on Premium features.
For Vendors
Vendors can activate their links and gain access to analytics by upgrading to VendorMatch PRO. Please click here for more information
Speak with an analyst
Financial institutions and their advisors can subscribe to our Analyst Access* service. Effectively phone or (email) a friend you can have on tap advice and support provided by our analysts on this vendor, solution or solution category.
HOW TO SUBSCRIBE
To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information on Premium features
or contact us to discuss a subscription.
Subject to reasonable use.
Survey Summary
The Survey Summary provides a download of the vendor profile, solution profile and the VendorMatch Discovery survey vendor responses used to power the directory. All responses are provided by the vendor online.
Note that this report is a high level summary of the vendor's credentials and a solution's capabilities designed to assist with solution short-listing. The RFX report is the more comprehensive Request For Information report designed to support evaluation and selection, this will only show where the vendor has completed the "RFX" RFI.
HOW TO SUBSCRIBE
To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information on Premium features or contact us to discuss a subscription.
RFX Report
The RFX report is an XLS download of the Vendors response to the “RFX” Request for Information for this solution.
The RFX is a centralized golden copy of a RFI authored by our analysts based on their expertise in running real-life system evaluation and selection projects and completed by the vendor online.
Note to protect vendor that only Financial Institutions and recognized Advisor can subscribe to this feature.
In each instance the first time the link is used the user requests permission to access the RFX report and it is the vendor who is required to authorizes access. You will be alerted when the vendor has reviewed your request and granted permission.
HOW TO SUBSCRIBE
You can activate this feature with a VendorMatch Premium subscription. Please click here for more information on Premium features or contact us to discuss a subscription.
To learn more about subscribing to our service options, please contact us here
Overview
In the B2C space, businesses have multiple end-customers to whom they make regular or one-off payments,– typical examples being a refund resulting from an overcharge, credit for a delayed or cancelled flight, shipping/postal mail rebates, or a dividend/pension/insurance payment. The current process often requires the beneficiary to contact the corporate, explain the situation, provide their full account details, and ultimately wait for, in most instances, a check to be dispatched. This procedure is fraught with variables and involves exchanging account information over the phone or by some other unsecure channel, introducing privacy concerns and security risks. In addition, there are the costs and inherent risks of the manual aspects of the process.
Key Features
Using Volante’s VolPay Channel, the corporate simply has to provide an email ID / mobile phone number together with the amount to be paid directly to the beneficiary. The channel’s workflow is configured to communicate with the beneficiary and gather the relevant data via the beneficiary portal, while handling key aspects such as security, legal implications, and two- factor authentications to bind the processing, legal and risk aspects of the specific use case.
Investing in self-service technology, without operational overheads, allows the bank to transform its payment process and offer an improved end-user experience while benefiting from a new revenue stream. In turn, the technology has allowed the corporate to hand-over a traditionally time- consuming and resource-hungry process and deliver more control to the end-beneficiary.
Key Benefits
Main advantages for the corporate
●Liquidity and cash management – the system acts like a virtual check i.e. funds stay with the corporate until the beneficiary cashes it (logs in online to claim it).
●The self-service process is outsourced to the bank, freeing up elements of the corporate treasury’s payments process and saving man-hours from a previously manually-intensive process to get and maintain the data.
●The corporate does not have to handle the beneficiary’s sensitive financial (banking) details thereby reducing security risk.
●The corporate can automate its payments/refund process.
Main advantages for the bank
●The bank now has a new service it can offer its corporate customers and increase its service revenue
●The bank can now offer additional products to the beneficiary. The bank can ensure that it received the right data that its systems needed for payment processing, thereby ensuring that STP rates are improved. Since the process is managed by the beneficiary, this would be achieved without adding operational overheads.
●Creation of a new revenue stream - the solution opens a host of new use cases by providing a core framework to connect the necessary sources (systems or parties) together to gather any data needed for payment processing. For example, the accessing of a central government tax system to retrieve or validate tax codes and handle tax payments appropriately.
●The implementation of the VolPay Channel solution takes a giant step towards achieving what the trade association Payments UK propose as a solution in their recent report ‘Confirmation of Payee – A Vision for world class payments in the UK’.
Main Advantages for the beneficiary (the corporate’s customer)
●Personal banking data only needs to be provided to the bank and not the corporate.
●The beneficiary benefits from a choice of being able to claim the funds in different countries and alternative currencies.