Product: Instant Payments APIs
Company: Photon Commerce
Photon Commerce, a financial AI platform company, added instant payments and data automation to its API family, creating solutions designed to enable enterprises to process B2B payments, invoices, statements and receipts instantly. By standardizing all forms of payments data, from invoices and checks to receipts and bank statements, Photon prides itself on providing a fully automated solution as well as batch processing based on client needs. Angela Murphy, Ph.D., vice president, business development at Photon Commerce, described the company's suite of application interfaces as easy to integrate, configure and rebrand as a fully white-labeled solution for partners and clients.
"Photon's instant payments APIs remove the headaches associated with accounts payable by allowing businesses and individuals to schedule their payments down to the minute with a click of a button," she said. "With our solutions, companies can reconcile and make payments in real time without manual processes or human intervention. We can convert any payment instruction or document into an electronic format, working with all types of ERPs and accounting software."
Murphy went on to say that Photon Commerce enables financial institutions and technology platforms to be instantly ISO 20022 compliant by leveraging artificial intelligence, machine learning and RPA.
Photon also hosts payments and invoice access points in support of the FedNow Service, she noted, which applies automatic data schema standardization, validation, interoperability, and feedback. In addition, she mentioned that Photon Commerce works with SWIFT and European and international organizations to achieve global interoperability of data standards, creating an ISO 20022 global standard for payments, invoices, remittances and trade data.
Photon's API solutions facilitate account-to-account, B2C and B2B instant payments, Murphy stated, adding that they also automate invoice and remittance processing to streamline accounts payable and accounts receivable. These ISO 20022 compliant APIs are interoperable between The Clearing House Real-Time Payments and the FedNow instant payments services, she added. Organizations can leverage Photon's automation to convert any payment, invoice, remittance, or PDF into a standardized ISO 20022 message automatically within seconds, while obtaining a range of added benefits, including the ability to convert invoices into instant payments or request for payments (RTPs), Murphy noted. Participants can also capture and digitize invoices, even for international invoices, reducing fraud-related risks, she said.
Photon APIs are designed to enrich payment data with itemized SKU data for any transaction, even when merchants do not share it, Murphy stated, adding that they can automatically GL-code transactions down to line-item detail.
Following are additional benefits:
Murphy pointed out the key benefit of using Photon Commerce's solution is accelerating B2B collaboration, payments and invoicing, through reducing manual processes, improving cash flow, and providing instant payments with line-item level reconciliation across AP and AR functions. Photon clients and partners include leading fintech companies; banks; neobanks; card issuers; travel and expense management platforms; ecommerce platforms; B2B ecommerce; B2B buy now, pay later financing companies; logistics; freight factoring; and core payments processors, Murphy noted. "Faster payments and Real-Time Payments provide ISOs a fundamentally new payments rail and revenue channel," Murphy said. "Companies can provide instant disbursements and payouts, charging additional fees for superior customer experiences. Platforms, lenders, funders, and financiers can provide financing within seconds instead of days. Moreover, payments and cash flow can be controlled with second-level precision." 
Website: www.photoncommerce.com Contact: angela@photoncommerce.com
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