Payouts enables businesses to send money in an
efficient and cost-effective way with Mastercard Send™ and Visa
Direct
SAN
FRANCISCO, Jan. 10, 2024 /PRNewswire/ -- Finix, the
payments technology provider enabling businesses to accept and send
payments online or in-person, announced today the launch of
Payouts, its latest standalone product line. Payouts enables
businesses across all industries to efficiently send money at
scale, regardless of whether they utilize the broader Finix
payments platform.
Businesses often encounter challenges when they need to disburse
funds due to siloed payment flows and needing to manage multiple
vendor relationships to send and receive payments through various
payment methods. In addition, businesses can be delayed waiting for
bank approvals and integration resources. Now, Finix Payouts
enables fast and reliable money movement–to one or many recipients
at once–via a single developer-friendly API. Payouts has many use
cases such as business-to-business (B2B) account payables, gig
economy wages, insurance claims, tax refunds, sales commissions,
tips, contractor payouts, and more.
"Businesses can encounter many challenges when sending money at
scale. Teams may face cumbersome technical integrations, manual
payment operation workflows, and cash flow challenges, which can
create a reconciliation nightmare," said Richie Serna, CEO and co-founder of Finix. "With
Finix Payouts, companies of all sizes can get started in a few
hours, configure their payment flows and methods to satisfy their
business needs, help alleviate complications and intermediaries,
and start sending money without spending an extensive amount of
time or resources. Instead, they can focus on what matters most:
their product, customers, and business growth."
"Launching this separate product line, Payouts, is further
evidence that Finix is continually and rapidly evolving to meet the
dynamic needs of businesses," said Anthony
Sharett, President of Pathward®, N.A. and
Pathward Financial, Inc. "Pathward is proud to deepen our
partnership with Finix and continue working together to broaden
accessibility to the financial system."
Finix will utilize Mastercard Send™ and Visa Direct to enable
card-based payouts allowing U.S. businesses to quickly send money
to bank accounts or eligible cards.
Key features of Payouts include:
24/7 Card Payout Availability:
- Disburse funds to cards in near
real-time1, 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 seamlessly 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 effortlessly scale their processes.
All-in-One Platform:
- By integrating with Finix's complete solution, users can send
payments via ACH, real-time payments, and to cards with Mastercard
Send™ and Visa Direct, in a single API.
Embedded Compliance:
- Finix conducts the necessary compliance checks on recipients
ahead of sending money between parties.
Reliable, Detailed Reporting:
- Businesses can manage their payout services with out of the box
tools, customizable reporting, and detailed recordkeeping.
"In today's digital environment, it's vital that businesses of
all sizes can securely access and send funds in near real-time,
whenever and wherever their work takes them," said Silvana Hernandez, Executive Vice President,
Product and Engineering, North
America, Mastercard. "By working with Finix, we're helping
businesses meet the demands of our always-on digital world,
enabling them to seamlessly integrate Mastercard Send into their
day-to-day operations to move money safer, faster and more
efficiently."
"Visa Direct provides a single point of access and reach to over
8.5B+ endpoints capability, including 3B+ eligible cards, 3B+ bank
accounts and 2.5B+ wallets around the world," said Yanilsa Gonzalez-Ore, North America Head, Visa
Direct. "This collaboration reflects our shared commitment to
streamlining global money movement and we're excited to bring
streamlined disbursement capabilities to more businesses across the
U.S., enabled by Visa Direct."
To learn more visit www.finix.com/payouts.
About Finix
Finix is a full-stack payment processor
and infrastructure provider powering customers such as
Clubessential, Passport, and Kabbage. From startups to publicly
traded companies, Finix offers everything needed to deliver a
world-class payments experience. Leading software platforms,
marketplaces, retail, and e-commerce businesses use Finix's
universal payments API and dashboard to accept payments, automate
workflows, enhance customer experiences, and quickly grow revenue.
To learn more, visit www.finix.com.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry.
Our mission is to connect and power an inclusive, digital economy
that benefits everyone, everywhere by making transactions safe,
simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
www.mastercard.com
About Mastercard Send™
Mastercard Send™ allows people
and organizations to send and receive money how, where and when
they choose. Mastercard Send™ plays a key role in diversifying
Mastercard's payment flows and enhancing payment experiences for
customers. Mastercard Send™ is a trademark of Mastercard
International Incorporated.
About Pathward®
Pathward®, N.A., a national bank, is a
subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is
a U.S.-based financial empowerment company driven by its purpose to
power financial inclusion. Pathward strives to increase financial
availability, choice and opportunity across our Banking as a
Service and Commercial Finance business lines. The strategic
business lines provide end-to-end support to individuals and
businesses. Learn more at Pathward.com.
1 Actual fund availability depends on
receiving financial institution and region
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SOURCE Finix
