The new partnership reduces the cost and burden of account offboarding for banks and financial institutions with faster digital disbursements featuring choice.
CHICAGO and PHILADELPHIA, June 4, 2024 /PRNewswire/ — Onbe, a leading corporate payouts platform, today announces its partnership with financial technology company, Eisen. In this partnership, Onbe’s platform will power the compliant digital solution that issues funds to consumers following account closures. Banks and financial institutions use Eisen’s suite of tools to monitor and manage inactive and dormant accounts, streamline the account offboarding process and reduce compliance risk. With the addition of Onbe’s payout solution to Eisen’s new Disbursement Hub, Eisen’s clients will be equipped to pay exiting account holders quickly and cost-effectively via instant digital disbursements.
55% of U.S. adults have closed an account, requiring a financial institution to disburse the balance to its rightful owner. Eisen provides integrated solutions for managing the end of the account lifecycle, ensuring compliance with consumer protection laws and regulatory timelines for account closures, consumer refunds and escheatment. By embedding Onbe’s digital disbursement solution to the Disbursement Hub, recipients are paid quickly and can choose how they prefer to receive their funds. Consumers will now have the option to receive their balance instantly via a virtual card and can choose to transfer funds to their checking account or a payment app.
“Ensuring the owners of closed accounts receive their funds quickly and accessibly is critical to staying compliant with consumer protection laws, and partnering with Onbe enables us to support that process with instant digital payouts,” said Allen Osgood, CEO of Eisen. “This strategic collaboration reduces risk and complexity for our clients while improving the payment experience for consumers.”
76% of consumers say payment choice is important when receiving a disbursement from a business, according to Onbe and NRG’s 2024 Payouts Landscape. With Onbe’s solution, Eisen has enhanced its disbursement offerings to meet the needs of diverse consumers—including 92% who prefer at least one digital or electronic payment method.
“Digital payout options that maximize convenience and meet recipients’ diverse preferences provide the best offboarding experience, while enabling flexibility for banks and financial institutions,” said Tracy Monson, Chief Growth Officer of Onbe. We are proud to partner with Eisen to enhance its Disbursement Hub with our digital payment options that simplify the payout process and offer the modern payment experiences that consumers demand.”
With an imperative to focus on escheatment and compliance practices, financial institutions benefit from solutions that mitigate risk and reduce unclaimed property at the end of the account lifecycle. Providing a more convenient payment experience with in-demand digital choices is an important step toward delivering closing balance payouts to account holders quickly and efficiently, making offboarding as stress-free as possible.
About EisenEisen offers account offboarding solutions for financial institutions, streamlining compliance with the outreach, disbursement, and escheatment requirements of closing accounts. To learn more, visit www.witheisen.com and follow us on LinkedIn.
About Onbe
With more than 25 years of industry experience and offices in Chicago, Philadelphia and London, Onbe is a fintech that manages and modernizes customer and workforce disbursements for corporate clients ranging from mid-market to the Fortune 500. Onbe’s team of experts and technology platform offers clients a turnkey solution to offload their entire B2C payment operations, relieving them of the cost, complexity and risk that come with orchestrating these payments in-house. Backed by top-tier investors, Onbe delivers on today’s consumer expectations for instant, digital and seamless payments. To learn more, visit www.onbe.com and follow us on LinkedIn.
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