Standard Chartered launches payouts solution 03 November 2022Singapore Reporter: Lucy Carter
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Standard Chartered has launched a programmable payouts solution, Payouts-as-a-Service (PaaS), which allows digital businesses to manage payments to parties in their ecosystem.
The platform is currently available through five e-commerce hubs in India, Malaysia, Singapore, the UAE and the UK.
Clients can manage complex pay-put constructs including split and scheduled payments, with conditional payments and automation possible through a single integration. This will reduce time and cost expenses, the company says.
Using application programming interfaces (APIs), payments can be embedded and automated on clients’ digital commerce platforms. Transaction details and payment preferences are provided in real-time, with Standard Chartered executing payment contracts based on this information. Through this process, clients and counterparties do not have to issue separate payment instructions.
Philip Panaino, global head of cash and transaction banking at Standard Chartered, says: “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.
“Our PaaS solution aims to [meet] our clients’ evolving embedded payments needs, with the ability to contextualise and configure payment contracts to meet their desired business outcomes.”
Aayush Singhania, head of product and partnerships at Tazapay, adds: “PaaS allows Tazapay to create transaction level payment contracts that are aligned with our customer journey for escrow protected payments and marketplace pay-outs.”
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