VETT Match is a bank-based service designed originally for organisations that have a significant problem with ‘unallocated cash’ primarily caused by missing or incorrect reference information for ‘accounts receivable’. However, the key advantages to the technology is that it can also be employed for Mobile phone and Internet billing, business-to-business (B2B) invoicing as well as for account loading of prepaid cards and digital wallet programs.
The B2B market is a sector commonly overlooked and certainly overshadowed by activity aimed at the retail market for consumer payments. Innovation for consumers is mostly focussed on extending reach for the card network. While cards may be suitable for small amounts such as expenses, they are not well suited for larger payments to suppliers or contractors. Essentially, the B2B sector is a niche ripe for development.
Advantages with VETT Match, crucially:
* Banks do not have to change their systems,
* Payment processors do not have to change their systems,
* Business users do not have to change their habits, no education required,
* Payees do not require any special device or application software.
This solution can be deployed as a bank-based infrastructure to deliver services such as:
* Batch Billing - (Intended for organisations that use a regular customer billing cycle)
* Client Invoicing - (Created for mobile and internet ecommerce billing where instant notification of payment is not
vital to order processing and delivery)
* Account Loading - (Intended to enable account loading for prepaid card schemes)
* Request for Payment - (Designed to facilitate account loading for prepaid digital wallet schemes and enable the issue of
payment instructions to non-scheme clients and consumers)
Each service will enable users to track client payment data and automatically reconcile receipts to detailed invoices.
Convenience for customers
* Customers do not have to change their way of paying bills
* Immediate notification on receipt of funds
* Irrevocable cash payment paid to payee’s business account
* Bill anywhere, anytime and append to detailed invoices
VETT Match will enable customers to pay in a secure and convenient way either online (using a preferred device; laptop, mobile, tablet etc.) or over-the-counter at a local branch. In addition, the service will help to reduce the costs of administration. VETT Match is designed to enable payments which are not time critical and any payment not suitable for routing via direct debit.