Sionic’s Pay-by-Bank Service Enables Consumers to Instantly Load Funds to Merchant Gift Cards
ATLANTA and BOCA RATON--(BUSINESS WIRE--Sionic, a leading provider of omni-commerce, faster digital payments solutions, today announced a strategic agreement with iVertical Payment Network (iVPN), a proprietary payments platform, to provide its Pay-by-Bank faster payments service to reinvent the gift card industry by enabling consumers to load digital cash from their checking accounts to merchant gift cards. Sionic’s embedded Pay-by-Bank service is the mechanism that allows consumers to securely link their bank account quickly and easily. The gift giver and gift receiver’s information is captured during the gift card activation process.
“By eliminating the funding risk, the Sionic platform is a game changer for us to create a relationship with merchants and customers, their friends and family, and to drive in-store traffic,” said Joe Randazza, CEO of iVertical Payment Network. Sionic enables iVPN to provide a merchant service where their current gift card vendor stops. Because we have the information, the iVPN gift card program reminds gift receivers that they have money to spend with the merchant. Providing a merchant with the information they own for long-term data mining campaigns disrupts the outdated platforms and business models used by the current dominant gift card vendors while offering a substantially lower cost. We’ve been looking for a faster, less expensive, and more secure way for consumers to load funds to gift cards. Sionic’s Pay-by-Bank service checks all the boxes for us.”
Sionic is leveraging U.S. bank-to-bank payment rails and a trusted payer-payee security model to safely and immediately move funds from buyers to sellers. The service bypasses expensive credit card interchange fees allowing sellers to increase their profit on every transaction.
“We’re thrilled that iVPN chose Sionic to underpin its new, forward-looking gift card program,” said Ronald Herman, CEO of Sionic. “Retailers can reduce expensive credit card fees, as well as significantly reduce the overall cost of operating a gift card program through iVPN’s breakthrough solution.”
Sionic’s Pay-By-Bank is the industry’s first real-time payments service enabling bank-to-bank digital cash deposits at the point-of-sale in the US market. This comes at a time when merchants are responding to consumer demand by allowing more widespread digital payment options. In addition to receiving funds instantly, merchants reduce costs on average 2% over expensive card swipe fees.
The iVPN program will target gasoline/convenience stores, supermarkets, drug store chains and big box retailers.
Atlanta-based Sionic is leading The Great Reallocation in digital payments by delivering instant bank-to-bank transfers from consumers to merchants, business to business, and business to consumers. A Google Cloud service, Sionic's market first ULink® is bringing real-time direct deposits to the point of sale via mobile, online, in-store, or in-vehicle experiences. The company has partnered with top financial institution owners of The RTP® Network for bank payments and CyberSource, a Visa solution, for secure card payment processing. Merchants accepting real-time payments bypass expensive card swipe fees and receive POS cash deposits immediately. Consumers may receive perks for paying with their bank accounts.
About iVertical Payment Network
iVertical Payment Network is a Fintech company with a proprietary cashless payment platform that was originally created for the convenience store industry 19 years ago. The company’s platform is a seamless payment interface into 360,000 retailer’s existing POS Terminals and guaranteed next business day settlement is conducted via the merchants existing payment processor.
iVertical Payment Network’s management team of electronic payment professionals has worked together for two decades providing payment solutions with best-in-class data security.
For more information visit www.iverticalpaymentnetwork.com