Cashplus Releases Payments API
UK fintech Cashplus has released a Payments Application Programme Interface (API) product, which is designed to allow thousands of simultaneous payments to be processed instantly.
APIs act as messengers between different websites, devices and apps, allowing them to speak to one another in real time. The Cashplus Payment API connects with other business platforms, meaning payroll, lending, accounting and recruitment firms and other suppliers to SMEs, particularly those who operate in the gig and sharing economy, can now make many thousands of automated payments instantly, replacing laborious and costly individual transactions.
The fintech says that these companies could save 50% or more on transaction costs associated with traditional banks, totalling over £500m in potential savings for UK businesses and £117m for payroll transactions specifically.