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E-invoicing, SCF & E-procurement

CONEXT launches B2B payments network

Wednesday 28 November 2018 | 12:31 PM CET

US-based B2B network CONEXT has announced the launch of a new nationwide B2B payments network enabled by their CONEXT Visa Prepaid Card.

The CONEXT B2B Network can facilitate real-time, direct transfers of up to USD 50,000 in one day to other primary cardholders, and up to USD 100,000 for qualified cardholders.

The CONEXT transfer network bypasses many of the legacy processes and latencies associated with traditional business finance by allowing high volume, real-time transfers amongst its cardholders. Similar to a commercial check cashing or social commerce platform, CONEXT network users are charged a 0.5% load fee when they load funds to their commercial prepaid card, and a 2.5% funds availability fee applied by the CONEXT reseller.

CONEXT does not charge a fee for transferring funds to another cardholder or accepting a transfer of funds. Know Your Customer (KYC) and other compliance and risk management measures are integrated directly into the process through a proprietary check-decisioning model that analyses counterparty default risk for both business network members and their payment sources.

The CONEXT network, which was been beta-tested New York, Georgia, and Florida throughout 2017 and 2018 is looking to roll out nationally in all 50 states.

More: Link
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