Standard Chartered presented its Payouts-as-a-Service (PaaS) solution on the first day of the Singapore Fintech Festival today.
Clients can integrate the bank’s PaaS APIs into their digital commerce platforms to embed and automate the transaction journey of their complex payout constructs, such as split, scheduled, conditional, or clubbed payments.
It made managing one-to-many payments seamless for all the parties involved.
Using PaaS, clients can provide transaction details in real-time and set up the parameters – such as the who, when, when, how, and how much to pay, pre-set or provided as and when necessary – which guide the bank to produce payment contracts to suit the stipulated criteria.
The single integration of PaaS eliminates the hassle of having separate payment instructions from clients or their counterparties.
The smoother pathway leads to significantly reduced payment administration overhead and time.
PaaS is available in five major e-commerce hubs across India, Malaysia, Singapore, the United Arab Emirates, and United Kingdom.
Standard Chartered claims to be the first transaction bank to introduce an API-first programmable bank-grade payouts solution.
“To support businesses in capitalising on the economic growth driven by today’s digital economy, banks have an important role to play in enabling and facilitating future ready payment solutions between all parties in the ecosystem.
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.”
said Philip Panaino, Global Head of Cash, Transaction Banking at Standard Chartered.
“PaaS allows Tazapay to create transaction-level payment contracts aligned with our customer journey for escrow-protected payments and marketplace payouts,”
said Aayush Singhania, Head of Product and Partnerships at Tazapay.
Featured image credit: Edited from Freepik
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