Standard Chartered has launched a new solution that allows digital businesses to manage one-to-many payments without much of the current admin.
The London-headquartered bank’s solution, called Payouts-as-as-Service (PaaS), will be available in India, Malaysia, Singapore, the UAE and the UK.
The “bank-grade fintech solution” is a set of modular, interoperable APIs that enable clients to embed and automate payments on their digital commerce platforms.
Standard Chartered explained that, using PaaS, details of transactions are provided as they occur, such as a purchase or sale made on an ecommerce marketplace, along with pre-set or ad-hoc preferences around who, when, how and how much to pay.
The bank then processes without requiring any additional payment information from the client or counterparties.
According to Standard Chartered, PaaS enables both corporate and institutional clients to conduct 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 significant reduction in payment administration overheads, as well as time saved that can be channelled towards higher value activities to scale the business,” the bank said in a statement.
Philip Panaino, global head of cash, transaction banking at Standard Chartered, commented: “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.”
Aayush Singhania, head of product and partnerships at Tazapay, a user of the new service that participated in a live pilot, 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.”
Standard Chartered, which operates in more than 50 countries, made the announcement at the Singapore Fintech Festival.
Deepika Sharma Ong, head of brand and marketing at Olea, another user, added: “With the introduction of PaaS, Olea is able to embed complex payment workflows into our operations.”
Image: Standard Chartered