Standard Chartered launches payouts-as-a-service (PaaS), a bank-grade fintech solution that allows digital businesses to manage one-to-many payments to parties in its ecosystem.
The transaction bank is among the first to introduce programmable payouts with modular inter-operable APIs, which clients on the platform can establish through a series of co-creation engagements.
Confirmed on the opening day of the Singapore Fintech Festival, the offering will be available in five major e-commerce hubs across India, Malaysia, Singapore, the UAE and the UK.
By integrating with the bank’s PaaS APIs, clients will be able to embed and automate payments on their digital commerce platforms by providing details of transactions as they occur.
These details could include data on a purchase or sale made on an e-commerce marketplace.
This input is accompanied by preferences around who, when, how and how much to pay, which can be either pre-set or provided as and when necessary.
Following this, the service sees the bank programmatically execute the payment contract based on the input parameters, without requiring clients or their counterparties to issue separate payment instructions.
This allows the bank’s corporate and institutional clients to enable complex pay-out constructs such as split, scheduled, conditional or clubbed payments.
With conditional payments and automation available via a single integration, this translates to a significant reduction in payment administration overheads, as well as time saved that can be channelled towards higher value activities to scale the business.
To support businesses in capitalising on the economic growth driven by the digital economy, Philip Panaino, the bank’s global head of cash and transaction banking, explains how 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,” he continues, “with the ability to contextualise and configure payment contracts to meet their desired business outcomes.”
Confirming these thoughts, Aayush Singhania, head of product and partnerships at the payments platform Tazapay, which is engaged with the bank’s new PaaS solution, said: “PaaS allows Tazapay to create transaction-level payment contracts that are aligned with our customer journey for escrow-protected payments and marketplace pay-outs.”