LAWRENCE, Kan.--(BUSINESS WIRE)--Yantra Financial Technologies, a financial technology firm specializing in designing, developing and managing electronic payment systems, has enabled lenders to deliver funds in real time with BlastPay, an FDIC insured business bank account that gives users complete control over disbursements.
BlastPay was designed to streamline the disbursements process and facilitate the real-time availability of funds. With BlastPay, disbursements can be initiated using application programming interfaces (APIs) and submitted across multiple channels including cards, ACH and internal payments. The product’s APIs support the user’s need for integration into their enterprise systems, and BlastPay’s multiple disbursement options allow recipients to choose their preferred method of payment. These features have the potential to transform traditional approaches to direct deposit, money transfers, payroll, as well as the disbursement of loans.
Lenders concerned about the speed of transactions can use BlastPay to direct funds to a borrower in real time as soon as the loan application is processed, regardless of time or day, giving lenders a competitive market advantage. BlastPay’s technology revolutionizes marketplace lending and also opens opportunities for SKU-based lending. Consumers can scan an item with their smartphone and quickly obtain financing for it, with the stock-keeping-unit number providing the necessary product information. Marketplace lenders can then determine if the potential borrower qualifies for the loan within seconds, and if qualified, the funds can be disbursed instantly to the borrower’s account through BlastPay. This functionality efficiently enables commerce in a powerful way.
“Traditional bank loans can take up to three months to process, drastically impeding commerce, and today’s consumers are accustomed to on-demand results, so the lengthy process involved with the disbursement of loans is incredibly frustrating,” said Suresh Ramamurthi, CEO of Yantra Financial Technologies. “By delivering funds as soon as a loan application is processed, lenders can differentiate their services and experience a significant competitive advantage, and consumers no longer have to shift their finances around while waiting for a loan to be processed.”
About Yantra Financial Technologies
Founded in 2012, Topeka, Kan.–based Yantra Financial Technologies is a financial technology firm specializing in designing, developing and managing electronic payment systems, and focuses on creating secure contextual and conditional ways of moving money. The company provides consumers and businesses around the globe with innovative ways of sending and receiving payments, with current and future technology offerings including international money remittance, card processing, virtual currency and healthcare payments. For more information, visit www.yftinc.com.