Fintech company Melio has introduced a real-time payments feature for its B2B clients, allowing them to send and receive funds instantly as opposed to waiting for days or until the due date of the invoice. Melio’s CEO, Matan Bar, has described this development as a “game-changer” for small businesses.
- Melio’s real-time payments feature, supported by JP Morgan Payments, can process payments within seconds, even on weekends and bank holidays.
- This real-time payment functionality can currently support 60% to 70% of U.S. domestic B2B transactions.
- Melio supports both The Clearing House’s real-time payments network and the Federal Reserve’s FedNow instant payments service, thus enabling it to offer a high level of flexibility and convenience to its customers.
- Earlier in the year, Melio launched an installment payments feature called “Pay Over Time” which was powered by Credit Key and gave qualifying small businesses instant access to capital.
- In addition to real-time and installment payments, Melio also offers account payables and receivables services.
This latest update from Melio is part of a growing trend in the fintech industry towards instantaneous and more flexible financial transactions. As more banks begin to embrace and support real-time payment options, such as FedNow, the likelihood is that these kinds of services will become more prevalent. For small and mid-size businesses, this could greatly simplify their cash flow management and help them to operate more efficiently.
