A new digital payment technology by Toronto-based Nanopay is avoiding the ‘black hole’ of money transfers. Here to explain is Nanopay’s Head of Products Simon Keogh, featured guest on today’s episode of the Software and Technology podcast brought to you by Marketscale.
“When a wire goes across, it goes into a black hole,” Keogh says. “It’s up to someone on the other end to notify me that they’ve received the funds.”
Wire transfers, used by businesses to transfer large sums of money, take several days and are expensive. Checks are no less expensive to process and still one of the most used methods of business to business money transfers.
“Fifty percent of businesses in the United States still pay by check, which is just amazing,” Keogh says.
Alternative solutions, such as Nanopay’s Connect, can not only send money globally at a lower cost than traditional alternatives, but offers a suite of features businesses need: multi-user management, automated payment reconciliation, easy integration, and bank grade security.
“The fact is that I can order a pizza to my home and watch the vehicle drive right to my door, but when I send a wire it takes a few days and I rely on that bank calling me to let me know they’ve received the funds,” Keogh says. “We’re trying to do things faster, better, and cheaper.”
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