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Obopay Introduces Electronic Disbursement Solution

The new offering allows a company to disburse funds from a corporate account directly into a payee's debit card account at another bank or load it onto a prepaid card.

Mobile payment solutions provider Obopay has announced its new disbursement offering, called Obopay Disbursements. The solution converts physical checks and cash into digital payments and allows companies to disburse funds to payees in a number of ways.

Obopay Disbursements gives a company a single corporate settlement account that manages all electronic transaction types. A company can transfer funds from that corporate account directly into a payee's debit card account at another bank or load it onto a prepaid card. A business can also disburse electronic checks to bank accounts through ACH transactions, or even send a notice to an e-mail account or phone number connected with mobile wallet to allow the payee to specify where to put the funds.

Obopay offers the new product as an end-to-end managed service that is easily integrated with a company's own applications through APIs. Partner companies then have use of Obopay's payment network connectivity and its regulatory compliance, including licenses for money transfer throughout the U.S. and PCI level 1 compliance. Obopay can also provide customer support services, prepaid card program management, settlement services and access to a reporting suite.

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