Over the last year, we’ve seen continued growth in our flagship Instant EFT solutions, which have allowed businesses to make it easier than ever for customers to pay, as well as to track and reconcile those payments.

We know that choice is key when it comes to delighting and retaining loyal customers. We want to help businesses offer even more ways to pay, while enjoying some of the same benefits they get from our Instant EFT solutions.

Today we’re announcing Stitch Direct Deposit. Now businesses can enable users to initiate a manual EFT payment directly from their online banking app or portal and:

• Avoid the need to develop and maintain direct integrations with individual banks
• Receive notifications for payments made via manual EFT
• Reconcile payments seamlessly alongside other Stitch methods
• Enjoy faster settlement times vs waiting days

Businesses can accept and confirm Direct Deposit and Instant EFT payments through a single API.

Who can use Direct Deposit?

Virtually any business that accepts digital payments can benefit from Stitch Direct Deposit:

• E-commerce: Fulfil orders faster and more seamlessly when accepting manual transfers
• Investment solutions: Automatically trigger account crediting or investment when a customer’s funds clear via manual EFT
• Fintech wallets: Receive instant notifications when a customer has funded their wallet
• Lenders and insurers: Reconcile premiums and repayments from different payment methods

To get started with Stitch Direct Deposit, get in touch with our sales team at sales@stitch.money.