Onbe and TAB Bank Modernize Account Balance Refunds with Secure Digital Options
The new partnership eliminates the cost and risk of issuing account balance refunds by check while delivering on consumers’ preferred payout choices.
CHICAGO & PHILADELPHIA–(BUSINESS WIRE)–Onbe, a leading corporate payouts platform, today announced that it has partnered with TAB Bank, a technology-driven online bank serving businesses and consumers, to modernize the process of disbursing refunds following account closures. While account balance refunds are traditionally paid by check, Onbe’s research shows that 92% of consumers prefer digital and electronic payouts. This partnership enables TAB Bank to leverage Onbe’s payouts gateway to deliver digital-led refunds. Customers will have a choice of payment methods, including instant virtual cards, improving convenience and satisfaction during account closure.
Creating operational efficiencies for TAB Bank, Onbe’s solution will replace checks, which average up to $12 each to issue, with more secure and cost-effective payment options. But cost alone doesn’t drive the digital payouts evolution—with 65% of organizations reporting check fraud in 2023, more businesses, financial institutions and consumers are turning to more secure, direct payment methods to ensure funds reach the intended recipients. Digital refunds delivered via email offer peace of mind for TAB Bank’s customers while reducing the bank’s fraud risk and expense.
“Creating convenient and compliant payout processes is fundamental to the work we do, and we are proud to partner with TAB Bank to provide a modern refund experience that prioritizes the recipient’s needs and puts funds in customers’ hands efficiently and securely,” said Tracy Monson, Chief Growth Officer at Onbe. “Transitioning from checks to faster, more secure payment methods benefits banks and their customers by reducing risk and complexity while meeting the growing demand for digital payments.”
“TAB Bank is known for making banking easier and more accessible with online solutions, and in partnership with Onbe, we have upgraded our refund methods to be as fast, modern and convenient as the other experiences we offer,” said Michael Palmer, TAB’s Chief Operating Officer. “We are excited to bring our customers a more intuitive, digital-led refund process.”
With an increased focus on escheatment and compliance practices in recent years, ensuring accurate, efficient refunds helps banks mitigate risk and reduce the burden of unclaimed property. Onbe’s clients offload this complexity by replacing checks with digital payments, minimizing instances of lost or stolen refunds while streamlining the downstream escheatment process to decrease the risk and cost for banks. Powered by Onbe, TAB Bank’s modern refund solutions strengthen compliance while delivering faster, more convenient customer experiences.
About TAB Bank
At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience.
For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.
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.
Contacts
Joseph Netto, Sr. Director of Communications
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