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Standard Chartered launches Payouts-as-a-Service solution

Wednesday 2 November 2022 14:28 CET | News

Standard Chartered has announced on the first day of Singapore Fintech Festival the launch of Payouts-as-a-Service (PaaS), a bank-grade fintech solution that allows digital businesses to manage one-to-many payments to parties in their ecosystem. 

 

Standard Chartered launched Payouts-as-a-Service, a fintech solution for digital businesses to manage one-to-many payments to parties in their ecosystem.

 

Standard Chartered is available in five major ecommerce hubs across India, Malaysia, Singapore, the UAE, and UK. According to the press release, SC reportedly is the first transaction bank to introduce an application programming interface (API)-first (modular, inter-operable APIs) programmable payouts offering, with live pilot clients on the platform set up through a series of co-creation engagements.

By integrating with the bank’s PaaS APIs, clients can embed and automate payments on their digital commerce platforms by providing details of transactions as they occur – such as a purchase or sale made on an ecommerce marketplace – along with preferences around who, when, how, and how much to pay that can be either 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, as reported by the official press release.

As a result, Standard Chartered’s corporate and institutional clients can 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 reportedly significant reduction in payment administration overheads, as well as time saved that can be channelled towards higher value activities to scale the business.

According to the Global Head of Cash, Transaction Banking at Standard Chartered, ‘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.’ 

Recent news on Standard Chartered

Besides the current announcement involving Payouts-as-a-Service APIs, Standard Chartered completed a pilot testing of the Trade Financing Validation Service provided by MonetaGo over SWIFT, to mitigate the risks of duplicate trade finance fraud on a global scale, in September 2022. The Trade Financing Validation Service is accessible via SWIFT’s global API. The solution provides checks on financing transactions to detect and prevent duplicate financing frauds within domestic markets and cross-border, as stated by the official press release.

Also in September 2022, SC helped launch two digital banks in Indonesia and Singapore, after it partnered with FairPrice Group to launch Trust Bank in Indonesia, and joined hands with Bukalapak gave rise to BukaTabungan in Singapore.


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Keywords: payments , API, digital payments, ecommerce
Categories: Banking & Fintech
Companies: Standard Chartered
Countries: World
This article is part of category

Banking & Fintech

Standard Chartered

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