Ayoconnect launches recurring payments capabilities

Thursday 28 July 2022 13:31 CET | News

Ayoconnect, Open Finance platform, has launched an API that provides Indonesian companies, including non-banking financial institutions, with recurring capabilities that can debit from customers’ saving accounts across multiple banks.

For the first phase of the roll out, Ayoconnect is working with seven of Indonesia’s largest banks to introduce direct debit, which can be accessed via one API. Partner banks include Bank BRI, Mandiri, BNI, CIMB Niaga, Danamon, Bank Syariah Indonesia, and Bank Neo Commerce. Phase two will include BCA, Permata, Bank Jago, and NOBU Bank among others.

The first businesses making use of Ayoconnect’s new direct debit API include digital healthcare provider Milvik Indonesia, investment app GoTrade, as well as a digital credit platform. All three will use the API to initiate recurring monthly payments for their customers. GoTrade will also make use of the API’s automatic top-ups feature

.For any business relying on regular payments the ability to set up automatic, fully paperless recurring payments offers multiple benefits: it shortens the time needed to collect funds, reduces the cost of collections and decreases late payments and defaults.

With Ayoconnect’s direct debit facility, businesses of any size including startups and SMEs, not just the larger more established companies, can initiate regular variable, fully digital payments, as well as single payments from any end customer who has provided consent. 

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Keywords: product launch, banks, Open Finance, API, financial institutions
Categories: Banking & Fintech
Companies: Ayoconnect
Countries: Indonesia
This article is part of category

Banking & Fintech


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