Eisen and Onbe: Modernizing Account Offboarding with Instant Digital Payouts
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CHICAGO and PHILADELPHIA, June 4, 2024 ~ Onbe, a leading corporate payouts platform, has announced its partnership with financial technology company, Eisen. This collaboration will see Onbe's platform powering a compliant digital solution for issuing funds to consumers following account closures. Eisen's suite of tools is used by banks and financial institutions to monitor and manage inactive and dormant accounts, streamline the account offboarding process, and reduce compliance risk. With the integration of Onbe's payout solution into Eisen's new Disbursement Hub, clients will now have the ability to pay exiting account holders quickly and cost-effectively through instant digital disbursements.

According to recent statistics, 55% of U.S. adults have closed an account at some point in their lives, requiring financial institutions to disburse the remaining balance to its rightful owner. This is where Eisen comes in with its integrated solutions for managing the end of the account lifecycle while ensuring compliance with consumer protection laws and regulatory timelines for account closures, consumer refunds, and escheatment. By incorporating Onbe's digital disbursement solution into their Disbursement Hub, recipients can now receive their funds quickly and choose how they prefer to receive them. This includes options such as receiving an instant virtual card or transferring funds to their checking account or a payment app.

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Allen Osgood, CEO of Eisen, stated that "ensuring the owners of closed accounts receive their funds quickly and accessibly is critical to staying compliant with consumer protection laws." He also added that partnering with Onbe enables them to support this process with instant digital payouts. This strategic collaboration not only reduces risk and complexity for clients but also improves the payment experience for consumers.

According to a study conducted by Onbe and NRG on the 2024 Payouts Landscape, 76% of consumers believe that payment choice is important when receiving a disbursement from a business. With Onbe's solution now integrated into Eisen's Disbursement Hub, they have enhanced their offerings to meet the needs of diverse consumers. This includes 92% of consumers who prefer at least one digital or electronic payment method.

Tracy Monson, Chief Growth Officer of Onbe, emphasized the importance of providing digital payout options that maximize convenience and meet recipients' diverse preferences. She stated that this not only provides the best offboarding experience but also offers flexibility for banks and financial institutions. Monson expressed pride in partnering with Eisen to enhance their Disbursement Hub with digital payment options that simplify the payout process and offer modern payment experiences that consumers demand.

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In today's world, where there is a growing focus on escheatment and compliance practices, financial institutions can benefit greatly from solutions that mitigate risk and reduce unclaimed property at the end of the account lifecycle. By providing a more convenient payment experience with in-demand digital choices, Eisen is taking an important step towards delivering closing balance payouts to account holders quickly and efficiently. This partnership with Onbe will make offboarding as stress-free as possible for both financial institutions and their customers.
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