• Dec. 9, 2016, 7:37 am

PayNearMe buys consumer financial management app

Electronic cash payment network PayNearMe has bought Prism Money, an app which helps people make payments and track bank balances, paychecks, billing amounts due and due dates.

PayNearMe clients can now offer in-app bill presentation and the option for consumers to make bill payments via Automated Clearing House or card. Those customers can also access Prism Money’s features via  API integrations with the underlying platform behind both platforms.

The companies are a natural fit, Prism cofounder Steve Gordon said.

“Like Prism Money, PayNearMe is known for combining technological innovations with a maniacal focus on user experien ces, so it was a natural fit for us. Our company cultures are very similar, and we liked each other, which really matters.”

Visa is one company offering the new suite to its enterprise customers, including those employing its prepaid consumer reloadable cards.

“Visa prepaid card providers can now easily integrate bill presentment and same-day bill payment into their existing apps, making it easier than ever for Visa prepaid cardholders to pay bills immediately when they receive wages onto their prepaid cards,” said Tony Chang, Vice President, prepaid product at Visa. “PayNearMe will provide new functionality for Visa prepaid cardholders, giving them access to new features that will save them time.”

PayNearMe debuted with a unique service allowing people to make cash payments at 7-Elevens, Family Dollars and ACE Cash Express stores. More stores will be added soon. This Prism partnership should help that growth continue, PayNearMe founder and CEO Danny Shader suspects.

“We continue to experience tremendous growth in our retail cash payment business, more than doubling the number of payments in the past year, and processing over $1 billion. Adding Prism’s powerful bill presentment, bill management and ACH/card payment capabilities enables us to offer a menu of bill presentment and payment capabilities that financial services providers can use to enhance their customer experiences.”

 

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