PaymentsEML Payments’s FINLAB Invests In Interchecks

EML's payment cards will be provisioned within the Interchecks platform and offered alongside Direct Deposit, Real-time Payments (RTP), Instant Deposit, Paper Check, eCheck and PayPal.
BusinessWire BusinessWireNovember 3, 20205 min

EML PAYMENTS LIMITED (ASX: EML) (‘EML’) is delighted to confirm its strategic partnership and investment in payout start-up Interchecks Technologies, Inc. via its new FINLAB FinTech incubator. This partnership allows Interchecks to put global expansion into Europe and Australia on the table while expanding EML’s payout options in the United States.

Customers and prospects of both companies can provide a suite of robust payout options while taking advantage of other significant value add features such as 1099 Compliance, Split Payments and Recipient Fee Modelling. Additionally, a white-label portal for customers and their payees is available to allow for quick payments, file uploads, real-time analytics, dynamic billing, tools for servicing and on-demand reporting. For clients who want to avail of direct integration into their existing portals or apps, a comprehensive suite of elegant RESTful APIs will allow them to custom create their own empowering user experience.

The Deal Makes Sense on Several Fronts:

  • EML provides a trusted partner for the provisioning of prepaid card payments with General Purpose Reloadable (GPR) solutions covering plastic, virtual and tokenised payments into the Interchecks platform.
  • EML provides a new sales force that can more widely distribute, consult and implement with Interchecks for businesses seeking a seamless and engaging payout experience.
  • Through EML’s investment, Interchecks can expand into large new markets like Europe, the UK and Australia.

“Interchecks’ strong relationship with EML allows us to incorporate several new features into our payouts platform, including a platform-wide instant issue reloadable prepaid card. This new payment account can be funded by any payer on our platform and used by our recipients in place of a standard bank account. Also, EML gives Interchecks a pathway to implement our international strategy as we continue to build out a global payouts platform,” explained Bob Chevlin, Interchecks’ Co-Founder & Chief Product Officer.

”FINLAB superpowers EML’s ability to invigorate great payment companies like Interchecks. Bob, Dylan and the team are outstanding strategic partners for us as we work together to enhance the attractiveness and value of the Interchecks product portfolio. Interchecks is a superb way for businesses to make payouts, manage 1099 Compliance, and so much more. Simply designed but sturdy in function, all a business needs to make a payment is an email address. Interchecks provides the payout routing, appropriate controls, compliance, security and reporting that companies require. The result is a powerful payout platform that simplifies the payout experience for businesses while providing a more engaging payout experience for employees, contractors and customers. We’re excited to welcome Interchecks to the EML family of trusted industry partners,” stated Tom Cregan, EML’s Managing Director & Group CEO.

Last week, EML announced FINLAB to the world at the EMLCON 2020 digital extravaganza where Interchecks’ Dylan Massey, Co-Founder & CEO addressed the audience:

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