The process of making money transfers and payments often comes with numerous complications for consumers. For example, merchants pass credit and debit card fees onto consumers and sometimes do not accept digital means of payment at all.
Even platforms like Venmo and PayPal, which offer payment transfer services, can take a long time to process payments before funds are made available in the destination bank account. Small bank and fintech company clients may face even more constraints if their banks do not participate in any payment platform.