Finix taps Pathward to launch Payouts solution

A standalone product line, Payouts helps businesses across all industries to send money at scale efficiently, regardless of whether they utilise the broader Finix platform.

Money movement and capabilities of the Finix Payouts solution

Businesses frequently face challenges when trying to disburse funds due to siloed payment flows and the need to manage multiple vendor relationships to send and receive payments through varied payment methods. Furthermore, they can be delayed waiting for bank approvals and integration resources. Finix Payouts looks to enable fast and reliable money movement, either to one or multiple recipients concomitantly, via a single developer-friendly API, having multiple use cases of the likes of B2B account payables, gig economy wages, insurance claims, tax refunds, sales commissions, tips, and contractor payouts, amongst others.

Finix is set to leverage Mastercard Send and Visa Direct to enable card-based payouts, allowing US businesses to send money to bank accounts or eligible cards quickly. Per the press release information, key features of Payouts include:

• 24/7 card payout availability: funds can be disbursed to cards in near real-time, 365 days a year – including weekends and holidays.

• Real-time bank account validation: with Finix’s integrations, businesses can get up and running quickly and link and validate bank accounts in real time.

• Flexible payment maximums based on industry: businesses can have custom disbursement limits for push-to-card and bank transfers to easily scale their processes.

• All-in-one platform: by integrating with Finix’s complete solution, users are enabled to send payments via ACH, real-time payments, and to cards with Mastercard Send and Visa Direct, in a single API.

• Embedded compliance: Finix carries out the required compliance checks on recipients before sending money between parties.

• Reliable, detailed reporting: businesses can manage payout services with out-of-the-box tools, customisable reporting, and detailed recordkeeping.

Commenting on the launch. Finix officials advised that when sending money at scale, businesses can encounter many difficulties, such as cumbersome technical integrations, manual payment operation workflows, and cashflow challenges, which further impact reconciliation. Finix Payouts enables companies to get started in a matter of hours, configure their payment flows and methods to address their business needs, help alleviate complications and intermediaries, and start sending money without spending too much time or resources so that they can focus on their product, customers, and business growth.

Pathward representatives said that the launch of Finix’s separate product line, namely Payouts, highlights the company’s continuous and rapid evolution to address the dynamic needs of businesses, and Pathward is looking forward to deepening the partnership with Finix and further collaborating to expand accessibility to the financial system.

In the current digital environment, businesses need to securely access and send funds in near real-time, and by working with Finix, Mastercard helps businesses address the demands of the always-on digital world, enabling them, to integrate Mastercard Send into their day-to-day operations to move money in an increasingly safe, fast, and efficient manner, as per a Mastercard spokesperson.

More to this point, Visa company officials said that Visa Direct offers a single access point and reach to 8.5B+ endpoints capability, including 3B+ eligible cards, 3B+ bank accounts, and 2.5B+ wallets worldwide. Per their statement, the collaboration reflects the companies' shared commitment to simplifying global money movement and they’re looking forward to providing improved disbursement capabilities to more businesses in the US, enabled by Visa Direct.