Instant-Payment Platform Launched for Used Cars

Whillet, an embedded finance startup, said that in a collaboration with Visa, it's rolling out the Carment Instant Payment Platform in the U.S., enabled by Visa Direct.

Visa Direct provides a single point of access to billions of endpoints, helping transform global money movement by facilitating the delivery of funds to eligible cards, bank accounts and wallets around the world. Whillet’s Carment Instant Payment Platform uses Visa Direct’s real-time payment capabilities and is designed to help make used-car sales secure and flexible, ensuring sellers get funds quickly after a transaction through an eligible card.

Through the collaboration, Whillet will offer solutions to improve payment processes in the used-car market. Carment will be integrated into car dealerships' existing dealer management systems and offer round-the-clock payment support.

“Carment Instant Payment Platform, enabled by Visa Direct, aims to provide a seamless and efficient payment experience in the annual used car market with 35.7 million sales. Its defining feature is the real-time fund transfer capability,” says Whillet founder Dmitry Panov.

“The solution will offer car dealerships the ability to move money between accounts in real time and reduce time-related costs. Such immediacy addresses the evolving demands of today's market where consumers seek rapid results, and time is critical, often with the payment transaction gap stretching by two to five business days.”

Yanilsa Gonzalez-Ore, SVP and North America Head of Visa Direct, said, “Today's sellers and consumers now demand faster, more reliable payments in nearly all aspects of life and car sales should be no different. Through this collaboration with Whillet, we’re excited to help change the money movement game in the car dealership space and disburse funds quickly and securely with Visa Direct.”

Originally posted on Auto Dealer Today