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News

Pluggy now offers batch payments within Open Finance

Wednesday 31 July 2024 11:20 CET | News

Pluggy has launched a new batch payment service enabling companies to consolidate all payments to various creditors and through different means into a single Pix transaction. 

 

Currently, small and medium-sized enterprises (SMEs) often need an entire department dedicated to managing daily bill payments, resulting in significant time spent reconciling data and a lot of time is wasted on this part of accounts payable and receivable. 


Batch payments in Open Finance are managed by payment transaction initiators (ITP), a license that Pluggy secured from the Central Bank in June 2023. This means that the startup now operates on the transaction side as well. Officials from Pluggy stated that the company already has three clients about to launch the batch payment solution, with dozens more currently testing it. Pluggy has further plans beyond batch payments, with the development of additional solutions within Embedded Finance for the payments market on their agenda. 

Pluggy has launched a new batch payment service enabling companies to consolidate all payments to various creditors and through different means into a single Pix transaction.

Simplifying scheduled collections 

One of the new use cases is scheduled collections via Pix. This allows companies with monthly or fixed recurring payments to use Pluggy's infrastructure for collections. Previously, many companies relied on boletos, which led to default issues and necessitated collection departments. The use of credit cards for payments is also common, but it comes with high costs due to the fees charged by card operators. In contrast, Pix reduces transaction costs and simplifies the collection process for companies. 

Source: Link


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Keywords: payments , PIX, SMEs, accounts payable, accounts receivable, product launch
Categories: Banking & Fintech
Companies: Pix
Countries: Brazil
This article is part of category

Banking & Fintech

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Pix

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