Noventis, Nexus Team Up to Speed Up Virtual Card Payments
One of the biggest problems that bitcoin faced—and one of the biggest reasons the Lightning Network was developed—is its overall speed of transactions. This is a problem shared by more platforms than bitcoin, and virtual card payments have come under fire on this front as well. Noventis recently tipped us off about a new partnership between itself and Nexus that may help drive some improvements on that front.
Noventis operates a processing platform that allows paper checks to be converted to virtual credit card payments, a process which shrinks down the payment time for check payments to hours rather than days. That’s the kind of speed that Nexus would love to offer to its various industry partners, ranging from insurance to telecom to utilities.
Noventis and Nexus working together means that virtual card payments should be sped up further and made available to a wider range of end users. This is a development that will likely draw more attention in the market and ultimately get more users into the fold.
Noventis COO Blair Jeffery noted “Like Nexus, Noventis is committed to increasing efficiency and automating manual process for B2B payments. Our payment network and expertise in virtual credit card delivery, combined with Nexus’ industry-leading AP platform, show that even industries with inherent, long standing barriers can reap the benefits of payment automation when fintechs work together.”
Granted, for most of us out there, the speed of an alternative payments solution isn’t exactly that big a priority. This is with good reason; we make our payments, we get our stuff. If it takes three seconds for the payment to be stamped “approved,” it’s not so much of a problem. When you start talking about bigger numbers, then it becomes a problem. This is going to be a move that likely offers a lot of value at the corporate level and, given that this is targeting telecom, insurance, and utilities, could be a more welcome move than most think.
In general, speeding up the flow of business is a good plan, as it allows more to get done in the same amount of time. Noventis and Nexus’ plan may be a bit specialized, but its users will likely appreciate it.