Standard Chartered has launched an API-first Payouts-as-a-Service offering that will let digital businesses manage one-to-many payments.
Available in India, Malaysia, Singapore, the UAE and UK, the bank’s clients can integrate with the PaaS APIs to embed and automate payments on their digital commerce platforms.
Firms provide details of transactions as they occur – such as a purchase or sale made on an e-commerce marketplace – along with preferences around who, when, how and how much to pay that can be either be pre-set or provided as and when necessary.
The bank then programmatically executes the payment contract based on these parameters, without requiring clients or their counterparties to issue separate payment instructions.
With conditional payments and automation available via a single integration, firms will benefit from a significant reduction in payment administration overheads, says Standard Chartered.
Philip Panaino, global head, cash, transaction banking, Standard Chartered, says: “Our PaaS solution aims to be at the forefront of meeting our clients’ evolving embedded payments needs, with the ability to contextualise and configure payment contracts to meet their desired business outcomes.”