Santander UK provides faster payments API for TopCashback

Tuesday 23 August 2022 13:31 CET | News

Santander UK has provided a new API-based payments product to its client, British cashback platform TopCashback


The API effectively plugs the online cashback provider directly into the bank’s Faster Payments portal, significantly slashing the time it takes to process TopCashback’s members’ cashback payouts.

As per the press release, the Santander UK PaymentsHub API enables British cashback site TopCashback to submit payment instructions directly into the bank’s Faster Payments system. This allows it to provide its members with same-day cashback payouts. This process triggers an improvement on the three to five days it previously took to process cashback payouts when it used the Bacs system. PaymentsHub can process thousands of payments a minute and it is anticipated that more than a million cashback payouts will be processed a year for TopCashback through the PaymentsHub API.

Company representatives have stated that with a growing number of consumers shopping online and becoming increasingly savvy to maximising the value of their purchases, including through cashback schemes, TopCashback has significantly grown its members to more than 12 million in the UK since it was founded in 2005. In the past year, it has made millions of cashback payouts to its members.

How TopCashback works

TopCashback has contracts with a vast portfolio of brands that pay it a commission when its members shop with them. 

TopCashback then gives that commission back to its members as cashback. The bulk of TopCashback’s revenue comes from sponsored adverts and promotions on its website and bonuses it receives from retailers for referring large numbers of sales to websites.

Santander UK has provided a new API-based payments product to its client, British cashback platform TopCashback.


Recent product innovations from Santander

In May 2022, Santander has ramped up its fraud alerts to help protect customers making online payments. Under a code of conduct introduced in May 2019, banks must present customers with ‘effective’ warnings about scams when they transfer money. Santander says it will start asking a series of questions to determine what scam customers are most at risk from, then show a tailored warning.

A month later, the Spanish bank launched Santander eLockBox, an electronic lockbox that helps to consolidate incoming digital payments and simplify electronic receivables management for companies. Some of the benefits of the new service include automated revenue cycles, time saving, reduced costs, and the optimisation of resources for enhanced profitability.

The bank is no stranger to BNPL either, launching an in-house BNPL solution, Zinia, in January 2022, which became available across the bank’s markets starting in 2022. Zinia was already launched in Germany in 2021 and counts for over two million customers, which sets Santander as a reputed player in the Buy Now, Pay Later European market. Zinia offers interest-free installments, either online or through one of the bank’s physical points of sale. The platform uses artificial intelligence-based credit assessment technology developed by Santander’s digital bank, Openbank and represents the bank’s first project developed by Santander Digital Consumer Bank.

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Keywords: mobile banking, cashback, API, instant payments
Categories: Payments & Commerce
Companies: Santander, TopCashback
Countries: United Kingdom
This article is part of category

Payments & Commerce




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