The extended partnership will enable real-time1 disbursements to end-consumers through SpendIT SendITTM, the cutting-edge solution that allows consumers to use or transfer disbursed funds to their personal accounts.
SIOUX FALLS, S.D. – Aug. 2, 2023 – Pathward®, N.A., a Banking as a Service provider, and Dash Solutions, an innovative payments technology provider formerly known as Prepaid Technologies Company, Inc., today announced the extension of their partnership through January 2028 and the roll-out of a custom payout solution, SpendIT SendIT, enabling consumer payees to use or move their funds to other accounts they own.
“Pathward excels on the strength and growth of our partnerships, and the combined advantage of our partnership with Dash Solutions brings a synergy that is difficult to match,” said Pathward President Anthony Sharett. “Our partnership with fintechs has exponential power to solve tough challenges with large-scale programs that create greater flexibility, accessibility and inclusion in our financial system. We are pleased to partner with Dash Solutions for the rollout of SpendIT SendIT. Together, we are tapping into an unmet need in embedded finance that few banks and payments providers have been able to solve for, and the solution aims to deliver swift disbursement and access to funds.”
Bringing together Pathward’s embedded finance capabilities with Dash’s disbursement solution for digital payments, SpendIT SendIT is a unified payout system that features real-time delivery of various payment types and offers flexible access for consumers to spend or send the funds they receive. Dash Solutions addresses the growing market demand for real-time, frictionless disbursements to consumers and should reduce the administrative costs of the payout process for companies making payment. With more than $100 trillion in commercial spend annually, many businesses rely on traditional payment methods such as checks and ACH.2 With Dash’s solution, funds are disbursed as a virtual card to the payee via email or SMS.
“Our partnership with Pathward continues to energize our team,” said Stephen Faust, CEO of Dash Solutions. “Our shared vision and the opportunities we have in the massive payments market have set us up for continued success. As a testament to the strength of our partnership over the past five years, we are addressing an immense market need among some of the largest payers in the U.S. – delivering a frictionless disbursement process that’s less stressful for consumers and for businesses.”
Dash Solutions’ disbursement solution delivered as a virtual card via email or SMS – streamlines the digital payment process by offering a single and secure solution for all payment types. The solution provides flexible payout and disbursement options for corporate payers and easy portability of funds for the consumer. Most importantly, it will grant consumers real-time access to funds, enhancing consumers’ financial flexibility, while also increasing efficiency and reducing costs for payers by eliminating manual processes such as physical check delivery to recipients. Using SpendIT SendIT, consumers can spend funds through their virtual card with mobile wallet provisioning, allowing them access to add funds to mobile pay wallets, such as Apple Pay® or Google Pay™. For consumers who choose not to transact with the virtual card, the solution enables consumers to transfer funds to other accounts they own, including PayPal™ and Venmo™, push to debit cards, bank ACH transactions, or check. 3
To learn more about SpendIT SendIT, please visit dashsolutions.com/spend-it-send-it.
1 References to real-time payments refers to push-to-debit form of payment. Funds are transferred typically within minutes but could take up to 1 to 2 business days in certain circumstances.
2 https://www.digitaltransactions.net/why-b2b-is-the-next-big-market-for-digital-payments/
3 Availability of funds transfer types is subject to deposit limitations of accounts to which funds are transferred.
Our shared vision and the opportunities we have in the massive payments market have set us up for continued success. As a testament to the strength of our partnership over the past five years, we are addressing an immense market need among some of the largest payers in the U.S. – delivering a frictionless disbursement process that’s less stressful for consumers and for businesses.
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice and opportunity across our Banking as a Service and Commercial Finance business lines. The strategic business lines provide end-to-end support to individuals and businesses. Learn more at Pathward.com.
About Dash Solutions
Founded and based in Birmingham, Ala., Dash Solutions (formerly Prepaid Technologies) is a fintech platform that provides digital payments and engagement program management to thousands of customers. Dash Solutions offers innovative strategies and a proprietary technology stack, including payroll, expense, gift, reward, and incentive card products to employers, financial institutions, and government agencies. Learn more at DashSolutions.com.
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